Under the third-party payment service model, a third party authorizes a bank to pay to a creditor bank after receiving notice from the creditor bank by deducting the amount due from the third-party account to pay off debt on behalf of the borrower.
The debt comprises the total amount borrowed during the financing process, including the principal, handling fee, normal interest, overdue interest, and compound interest.
Requirements for the Applicant
·Holds a basic or general deposit account with CMB, and has appointed us to handle most of its settlement transactions;
·Has sufficient funds in its CMB account to cover the third-party payment.
All the contents stated above are for your reference only. Please consult the local branch of China Merchants Bank for further information. China Merchants Bank reserves the ultimate right of interpretation for the contents in this page.