Lending FAQ

1. What is your target market?
All IPA registered SME Businesses or mid corporate clients who have been trading for more than 2 years, or where a strong documented contract exists for work.

2. How much cash contribution can I put towards my loan request?

Cash contribution or equity is determined through the assessment of financial reports, loan commitments (if any) and other sources of information available for assessment.

3. Do I have to provide additional security?

Generally the asset being purchased is used as security for the loan, however in some circumstances you may be able to use your existing fixed assets as security to help raise the funds you need.

4. What are the security options?

BSPF only takes security over chattels such as cars trucks, diggers, plant and equipment Acceptable forms are security are assets on finance to BSPF or other collateral such as cars, trucks and equipment.

5. Do you provide additional assistance for clients who have no knowledge of what financials reports are made up of? And how are the accounting fees met?

We have a panel of Bank Approved registered accountants whom we can refer to for the preparation of financial statements. We can discuss options and recommendations at time of application.

6. In terms of loan funding, is the payment made directly to the applicant or the dealer from whom a quote was obtained from?

The purchase of the asset is paid directly via internet banking to the dealer selling the asset.

7. Do you fund overseas purchase of assets?

The unit must be in Papua New Guinea with customs clearance and accompanied with original receipts for purchase before consideration can be made. BSPF can consider reimbursing the cost of assets purchased overseas once they are domiciled in PNG.

8. What it is the turn-a-round time for an application that has all the required information?

A response on the application will be provided within 24 hours of receipt.

9. How do I apply for finance if I am remotely located?

You can call into anyone of our BSP Branches or call one of the Sales contacts http://www.bspfinance.com.pg/About-BSP-Finance/Meet-the-team.aspx to discuss your asset finance needs.

10. What happens if I default under the agreement?

Under the agreement you have certain obligations to meet, including the obligation to make regular payments. BSPF has a security interest in the asset that it has financed for you. If you fail to meet your commitments under the agreement, BSPF may be entitled to repossess and sell your asset.

If the sale of the asset does not cover your outstanding debt to BSPF, you will remain liable for the shortfall. Let us know if you're having trouble paying. The sooner you let us know the better. Call us on 3202 1212 - whatever the reason, we want to help.

11. Does BSPF finance taxis or PMVs?
BSP Finance (PNG) does not currently provide finance for assets that will be used as a PMV or Taxi.

 

Where can I get more information? BSP Finance (PNG) Limited landline + (675) 305 6428 during business hours or email bspfinance@bsp.com.pg. Talk to us today!

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Our Products

Borrowing for asset purchases, enables clients to use BSPF's money to obtain assets, that will generate income for their business.

About BSP Finance

BSP Finance is a specialist Asset Finance company providing innovative and fast financial solutions to our customers.