Overdraft
Overdraft is a lending facility enabling a client to have a certain deficit balance on the account for a certain period of time (indebtedness with the bank). Overdraft is suitable for short-time replenishment of funds during the periods of intensive fund turnover on the company’s account.
Overdraft granting conditions:
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Overdraft may be extended in litas, euros and US dollars.
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Overdraft is extended for a period not exceeding 2 years.
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The agreed term of the deficit balance (time from overdrawing the account until repayment) may be up to 90 calendar days.
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The overdrawing limit may be set up to 15 average daily proceeds to the client’s account calculated for the expected term of the overdraft on the basis of the account proceeds during the last 3 months.
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Overdraft is subject to a fixed interest per annum payable on a monthly basis
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What documents are required?
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The following documents shall be submitted when applying for an overdraft with Ūkio bankas:
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Application for a loan(.doc);
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Annual and quarterly (if any) balance-sheets and profit (loss) accounts for the last three calendar years and for the end-quarter of the current year. Personal enterprises and other economic operators which do not draw up balance-sheets and profit (loss) accounts shall submit income tax declarations.
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Itemisation of the last financial statements submitted to the Bank;
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The most recent report on the performed audit of the annual financial statements if the company must be audited in accordance with the Company Law of the Republic of Lithuania;
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A certificate from the State Tax Inspectorate regarding tax liabilities;
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A decision of the company’s shareholder meeting, Supervisory Council and/or Managing Board to sign an overdraft agreement for an authorised person if, in accordance with the company’s Articles of Association, the decision of the company’s Managing Board and/or Supervisory Council, shareholder meeting is required for the entering into such transactions;
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Documents relating to pledged assets or guarantees/sureties if the securing of obligations of the overdraft recipient is envisaged;
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Company registration documents if they were not provided to the Bank when opening a bank account;
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Other documents if the analysis finds out that they are necessary for proper verification of the client’s economic-financial state.
Contact your company’s account service officer about the overdraft. For more information on the procedure for extending overdraft please call the nearest Ūkio bankas branch or send an enquiry via the internet.
