| Bank Name | Min Interest Rate | Max Loan (Lacs) | Letter of Undertaking charge | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
HDFC Bank Ltd
|
5.10% | 1500 | 1% | 12 |
|
|
IndusInd Bank
|
5.00% | 1500 | 1% | 12 |
|
|
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ICICI Bank Ltd.
|
5.50% | 1000 | 1% | 12 |
|
|
Axis Bank Ltd.
|
5.20% | 1500 | 1% | 12 |
|
|
Digibank (DBS)
|
5.10% | 1500 | 1% | 12 |
|
|
IDFC First Bank
|
5.00% | 1500 | 1% | 12 |
|
|
Kotak Mahindra Bank
|
5.15% | 1500 | 1% | 12 |
|
|
RBL Bank Ltd.
|
5.10% | 1500 | 1% | 12 |
|
|
YES Bank Ltd.
|
5.15% | 1000 | 1% | 12 |
|
|
South Indian Bank Ltd.
|
5.15% | 1000 | 1% | 12 |
|
|
Bandhan Bank Ltd.
|
5.00% | 1000 | 1% | 12 |
|
|
City Union Bank Ltd.
|
5.10% | 1500 | 1% | 12 |
|
|
DCB Bank Ltd.
|
5.15% | 1000 | 1% | 12 |
|
|
Federal Bank Ltd.
|
5.05% | 1500 | 1% | 12 |
|
|
Bank of Baroda
|
5.10% | 1000 | 1% | 12 |
|
|
Bank of India
|
5.00% | 1000 | 1% | 12 |
|
|
Bank of Maharashtra
|
5.00% | 1500 | 1% | 12 |
|
|
Canara Bank
|
5.00% | 1500 | 1% | 12 |
|
|
Central Bank of India
|
5.10% | 1500 | 1% | 12 |
|
|
Indian Bank
|
5.05% | 1500 | 1% | 1% |
|
|
Indian Overseas Bank
|
5.10% | 1500 | 1% | 12 |
|
|
Karnataka Bank Ltd.
|
5.15% | 1500 | 1% | 12 |
|
|
Punjab & Sind Bank
|
5.20% | 1500 | 1% | 12 |
|
|
Punjab National Bank
|
5.00% | 1500 | 1% | 12 |
|
|
State Bank of India
|
5.10% | 1500 | 1% | 12 |
|
|
UCO Bank
|
5.00% | 1500 | 1% | 12 |
|
|
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Union Bank of India
|
5.10% | 1500 | 1% | 12 |
|
|
United Bank of India
|
5.00% | 1500 | 1% | 12 |
|
|
This type of facility is generally offered to importer for the purpose to finance their capital goods wherein overseas lender such as financial institutions aid to support them. These credits are preferred by international trading buyers as it provides the accessibility to purchase goods at lower rates as compared to purchasing via domestic. Lender finance to those buyers who purchase large order with minimal risk.
Buyer Credit Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness ...etc.
Eligibility Criteria
Note: - You can avail up to 85% of contract value as a loan amount
What are the factors generally affecting Buyer Credit eligibility Criteria?There are few factors that generally affects Eligibility Criteria as given below: -
Credit History: - Lenders are always ready to fund you, but the major reason for not funding all is that will you able to repay it? Therefore, they look at your past credit history to ensure you future commitments of repayment.So, if there any default payment found your eligibility level get lower.
Due to rejection of previous loan application: - As the factor itself cleared due to rejection of previous loan application, your new loan application gets affected as applying for multiple times, it will lower your credit score which led to reduces the eligibility chances.
What are the ways to increase Buyer Credit eligibility?To increase loan against property eligibility, you need to consider points as given below, this will aid you in increasing your eligibility level: -
Repay existing loan: - Lender check while going through your loan application that you are having any existing loan as it will reduces your debt-to-income ratio. Therefore, try to close it as much as earlier before applying for new loan.
Build a strong credit record: - A strong credit record helps you in getting loan easier & aid in evaluating credit risk, for that you are required to do payment on timely manner as it will enhance your eligibility.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PHOTOGRAPH PARTNERS
PAN CARD - COMPANY, ALL PARTNERS
ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I PAN CARD, ADHAAR)
FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR& SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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It is issued by importer bank on behalf of importer to get funding from Overseas Bank.
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Importer banks will take responsibility for the money to be paid in case importers fail to make payment to exporters.
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Generally, Interest Rates are common cost applicable on any loan with that other cost are involved such as LIBOR rates, SWIFT charges & issuing SBLC charges.
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Yes, it's important Overseas Banks used to follow this process as per its norms, one needs to complete this KYC process.
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It's a short-term loan offered to buyers from overseas banks to purchase goods at lower rates compared to usual rates. Even exporters are guaranteed their payment will be paid on time without any default taking place.
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This facility enables buyers to purchase goods at a lower rate with an extending date of making payment to exporter. Also, buyer get the chances to negotiate better discounts & avail the credit facility.
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Importers enter into agreement with suppliers for import goods wherein financial institutions play an important role in providing a line of credit with Overseas Banks to help. Overseas banks pay directly to supplier before the due date & the buyer pay to Overseas Bank as per the commitments.
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It's easy to apply just submit your request letter through online or offline by nearest bank & fill the application form with correct values, make sure you carry all the necessary documents.
CA Vikas Jain - Our Mentor
9863-02-02-02