Buyers Credit: Buyers Credit Meaning By Financeseva
| Bank Name | Interest Rate Range (%) | Max Loan | Letter of Undertaking charge | Max Tenure | |
|---|---|---|---|---|---|
|
1.50% - 3.00%
|
1500
|
1%
|
12
|
|
|
1.50% - 2.50%
|
1000
|
1%
|
12
|
|
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|
1.50% - 3.00%
|
1000
|
1%
|
12
|
|
|
1.50% - 2.50%
|
1500
|
1%
|
12
|
|
|
1.50% - 2.50%
|
1500
|
1%
|
12
|
|
|
2.00% - 3.00%
|
1500
|
1%
|
12
|
|
|
1.50% - 2.50%
|
1500
|
1%
|
12
|
|
|
1.50% - 2.50%
|
1500
|
1%
|
12
|
|
|
1.50% - 3.00%
|
1000
|
1%
|
12
|
|
| Bank Name | Key Features | |
|---|---|---|
|
|
Interest rate
1.50% - 3.00%
Max loan amount
1500 |
|
|
|
Interest rate
1.50% - 2.50%
Max loan amount
1000 |
|
|
|
Interest rate
1.50% - 3.00%
Max loan amount
1000 |
|
|
|
Interest rate
1.50% - 2.50%
Max loan amount
1500 |
|
|
|
Interest rate
1.50% - 2.50%
Max loan amount
1500 |
|
|
|
Interest rate
2.00% - 3.00%
Max loan amount
1500 |
|
|
|
Interest rate
1.50% - 2.50%
Max loan amount
1500 |
|
|
|
Interest rate
1.50% - 2.50%
Max loan amount
1500 |
|
|
|
Interest rate
1.50% - 3.00%
Max loan amount
1000 |
|
Documents Required
- Individual
- Prop Firm
- Partnership Firm-LLP
- PVT. LTD.
- 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.
- ADD 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
- ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
- FIRM ADD 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
What is Buyer's Credit?
Buyer's credit is a short term credit available to an importer (buyer) from overseas lenders such as banks and other financial institution for goods they are importing. Buyer's credit helps local importers gain access to cheaper foreign funds.
How does Buyer’s Credit work?
- Financeseva arranges a line of credit with overseas banks to help you import goods
- The overseas bank pays us directly, and we then pay your supplier on the import due date
- You then pay the overseas bank on the buyer's credit due date
- We can arrange import bills up to USD 20 million, ensuring a one-year line of credit for raw materials and three years for capital expenditure goods
What are the benefits of Buyer’s Credit?
The benefits of buyer’s credit for the importer are:
- The exporter gets paid on due date; whereas importer gets extended date for making an import payment as per the cash flows
- The importer can deal with exporter on sight basis, negotiate a better discount and use the buyers credit route to avail financing.
- The funding currency can be in any FCY (USD, GBP, EURO, JPY etc.) depending on the choice of the customer.
- The importer can use this financing for any form of trade viz. open account.
How to extend your payment cycle for imports?
Extend your import payment period and ensure your suppliers are paid on time with Financeseva Buyer’s Credit. We offer tailored import financing packages designed to suit your company financials and business activities. We arrange payments to your suppliers in a wide range of foreign currencies, ensuring you pay on time.
Why choose Financeseva Buyer’s Credits?
- Leverage our Asian insights and connectivity as you grow your business domestically and overseas
- Benefit from our award-winning experience. Financeseva received The Asset’s Best Trade Finance Solution & Best Structured Trade Finance Solution awards in 2013
- Secure foreign currency funding for your imports at competitive rates
Can Buyers Credit be availed if I do not have a credit facility with Financeseva?
No, you must obtain a credit facility with Financeseva before availing Buyers Credit. Please visit us at any of our Branches should you require a credit facility.
Can I utilise my existing line with another Indian Bank to secure overseas funding through Financeseva?
Yes, Financeseva can help arrange Buyer’s Credit based on an undertaking to pay on maturity received from another bank in India.
What documents do I need to submit?
You will need to provide us with a request letter and transactional documents.
How long will it take to process my application?
It can take 2 -3 business days.
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