Prefinancing loans are those loans with a maximum term of 18 months (except some specific exclusions) used to finance the purchase of goods and services related to operations bringing currency to the country as well as exports, and sales and deliveries that pass as exports. These loans are raised by the importer from buyers abroad or international markets and brought into Turkey via banks or special finance institutions (with guarantee or no guarantee). Principal amounts, interest and expenses of these loans which are advanced to the borrower by purchasing foreign currency are to be paid out of the export amounts, export-like sales and deliveries, not to mention, sums raiser from operations that bring foreign currency. Our Bank acts as a broker for the said loans either with or without a guarantee.
As prefinancing loans are raised from international markets, interest rates are relatively low compared to FX loans in domestic market.