Brazilian officials yesterday presented a plan to their creditor banks for resumption of the debt payments that country suspended last February, including a request for $10 billion in new loans over three years.

Bankers said it was "too early" to react to the plan, which Citibank official William R. Rhodes characterized as a "broad, general proposal." It was laid out during a seven-hour meeting that represented the first serious negotiations since Brazil stopped making payments on $67 billion in commercial debt last February.

Other elements of the proposal included an option to convert some of the debt into bonds, issued at the par value of the debt with interest rates subject to unspecified limitations. It also called for reduction of the interest rate on the remaining bank debt down to the banks' cost of funds, and for fixed interest rates with "appropriate adjustments." Interest on bank loans of this kind usually fluctuates with changes in market interest rates.

The new lending, which would cover the years 1987, 1988 and 1989, is intended to cover the amount of back interest Brazil has accumulated since the payment suspension and also the interest Brazil will owe in the following two years.

"In order to be current on our interest payments, we need interest financing," said Fernao Bracher, Brazil's chief debt negotiator.

The two sides are to meet again next Friday, after "working groups" have analyzed the proposals. Although it was not discussed in the meeting, U.S. bankers face something of a deadline in the negotiations: A committee of bank regulators is expected next month to consider ordering banks to downgrade some of their Brazilian debt if no token payment is made before then. Such a downgrading would amount to a partial writeoff of the debt, something banks have balked at doing.

"The committee {of 14 large creditor banks} has always made the point that interest payments would be helpful," Rhodes said.

Brazil, with total public and private debt of $113 billion, is the second-largest Latin American debtor after Mexico, which is current on its payments. So far, President Jose Sarney has rejected bankers' suggestions that Brazil submit its inflation-ridden economy to the economic oversight of the International Monetary Fund -- as most debtor nations have done -- in return for new loans and easier terms on the existing debt.

Yesterday, Brazilian officials sounded slightly more flexible about IMF oversight of their economy.

"Brazil is not saying we are never going to do an IMF agreement," said central bank president Fernando Milliet.

The meeting between Brazil and the banks comes as thousands of officials from around the world are gathered here for the annual meeting of the IMF and the World Bank, placing the standoff in a highly visible position.

The plan was offered to replace an earlier version that would require banks to convert as much as half their Brazilian debt into bonds that would be issued at less than face value. Finance Minister Luiz Carlos Bresser Pereira dropped the mandatory aspect of the proposal after Treasury Secretary James A. Baker III called it a "nonstarter" when the two met earlier this month