FAQs

Letters of Credit

  1. Who is legible for a Letter of Credit?

    Anyone that has a business or is starting business and showcases audited financial reports.

  2. If I require a Letter of Credit, who do I speak to in the Bank?

    We have a corporate banking team that is readily available to cater to your needs

  3. When is payment made to the supplier?

    The Bank makes payment to the supplier as soon as the supplier sends the documentation for the shipped goods.

  4. When does the customer pay the Bank?

    There are three ways,

    i) Upon the arrival of the shipped documents the Bank ensures that the supplier is paid on time. On the other hand, the customer ensures that there is cash on his account which the Bank debits or

    ii) The customer acquires a loan facility from the Bank for a period x and when the period expires the customer reimburses the Bank or

    iii)  If the customer has a cash credit line we can also debit the account for the payment. However we inform the customer in advance.

     

Overdrafts

  1. Who is legible to an overdraft facility?

    This facility is legible to businesses and business people as long as they provide documents as proof that they are able facilitate the overdraft

  2. If I go above my overdraft limit, do you impose charges?

    Yes, we impose a 2% charge. We usually advise our customers not to go above their limit as it impacts your credit history.

  3. If I discover the money requested for is not enough and I require more, can the bank facilitate me?

    Yes we can, as long as you give us valid reasons as to why you require more finances and we would also require details as proof that you will be able to pay.

  4. If I require an extension to my payment period, is the Bank able to stretch the period?

    Yes, as long as you provide a valid reason as to why you require an extension i.e. by submitting pending invoices or other new contracts awarded.

  5. As a Bank, What do you consider in order for me to get an overdraft?

    When requesting for an overdraft we usually give you the amount based on your account deposits.

  6. If I request for an overdraft that is more than my deposits, am I legible to it?

    We usually don’t give you more than you deposit, however if you provide valid reasons and enough proof that the payment can be made then we could consider your overdraft.

     

Discount on Invoice

  1. Who is legible to a discount on Invoice?

    We consider business people and businesses that are able to provide all the essentials requested for by the Bank.

  2. If I require an extension on my payment period, is the Bank able to enforce it?

    Provide a valid reason as to why you need an extension i.e. state the issues you had with the payments.

  3. How is interest charged?

    We charge interest on a monthly basis 

     

Cash Credit Line

  1. Who is legible to a cash credit line?

    Anyone is legible as long as they are able to fulfill the Banks requirements

  2. How does a cash credit line help in business?

    A CCL can be used improve ones business as it helps in reinforcing the working capital, solves the day to day business activities or problems

  3. When my payment period runs out for the CCL, can it be renewed?

    Yes, it can be renewed based on your payment structure. If your monthly deposits are equivalent to the payments the Bank requests for, then we can give you an equivalent credit facility and the payment period correspond with what you were given before. However if the deposits are low then we give you a smaller deposit with a shorter payment period.

  4. How is interest charged?

    We usually charge interest based on your account balance. 

     

Stock loan

  1. Who is legible to a cash credit line?

    Companies or business people that are able to provide all the requirements requested by the Bank

  2. How Is Interest charged?

    We charge interest on a monthly basis

  3. When my payment period runs out for the stock loan, can it be renewed?

    Yes, it can be renewed as long as you have cleared your previous loan or if ones securities are good enough then the Bank can grant one an extension on their payment period. 

     

Equipment loan

  1. Who is legible for this type of loan?

    Companies or business people that are able to provide all the requirements requested for by the Bank

  2. How Is Interest charged?

    We charge interest on a monthly basis

  3. When my payment period runs out for the equipment loan and has been cleared, can it be renewed?

    Yes, it can be renewed but as a new facility. However, this can only happen once you have cleared the previous loan granted or if your securities are good enough to convince the Bank to renew the facility.

  4. What kind of equipment do you finance?

    Stationery, IT equipment and accessories, house/office equipment, machines i.e. agricultural, cleaning and many more 

     

Advance on Contract

  1. Who is legible to this facility?

    This type of facility is only for tenders.

  2. How is Interest charged?

    Interest is charged on a daily basis until the payment period is covered.

  3. Incase I fail to make payment within the stated period, can I be granted an extension?

    Yes, it can be extended. However, our corporate team usually reminds our clients to make payment and if you require an extension, its best to inform them before hand so that they can arrange this.

    We also usually request that our customers give a valid reason to the Bank as to why the contractor hasn’t made payment and any other reasons required to approve your extension.

    PS: if an extension is granted please be advised that it never exceeds the extension period granted to you previously.

     

Bank Guarantee

  1. Who is legible to a Bank guarantee?

    Business people and companies that are able to provide all the necessary documents upon request

  2. If I require an extension on the Bank guarantee requested for, would it be possible?

    Yes, we are able to extend the period as long as you provide us with a date that you would be able to clear the loan.

  3. Can a bank guarantee be renewed?

    Yes, we are able to renew the period but only for people dealing in construction.  

Equity Price List

08-12-17 CLOSING HIGH LOW
BOK 295 285 285
BRL 150 150 150
NMG 1200 --- ---
KCB 340 --- ---
USL 104 --- ---
EQTY 350 --- ---
CTL 67 67 67

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Exchange Rates

08-12-17  BUYING  SELLING
USD 845.5000 861.0000
EUR

965.0000

1050.0000
GBP 1115.0000 1180.0000

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Contact Us

BK SWIFT CODE : BKIGRWRW

KN4 Ave No12 Plot No 790
P.O. Box 175, Kigali, Rwanda

Find a branch near you

Call Center

Local: Phone 4455 

International: Phone+250-788143000

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web www.bk.rw

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