LC Purchase Bill Discounting: Bills Purchased & DiscounteD @6.00%
| Bank Name | Interest Rate Range (%) | Document Handling Charge | Discripency Charge | |
|---|---|---|---|---|
|
6.50% - 7.00%
|
1500
|
500
|
|
|
7.50% - 8.50%
|
1000
|
500
|
|
|
7.00% - 8.00%
|
1000
|
500
|
|
|
7.50% - 9.00%
|
500
|
1000
|
|
|
6.00% - 7.00%
|
500
|
1000
|
|
.png)
|
6.00% - 7.00%
|
1000
|
500
|
|
|
7.50% - 9.00%
|
500
|
1000
|
|
|
7.50% - 9.50%
|
1000
|
500
|
|
|
6.00% - 7.00%
|
500
|
1000
|
|
|
7.50% - 8.50%
|
500
|
1000
|
|
|
8.00% - 9.00%
|
1000
|
1000
|
|
|
8.00% - 9.00%
|
1000
|
500
|
|
|
8.50% - 9.50%
|
500
|
1000
|
|
|
6.50% - 7.50%
|
1000
|
1500
|
|
|
7.00% - 8.00%
|
1000
|
1500
|
|
|
8.00% - 9.00%
|
1000
|
1500
|
|
.png)
|
7.50% - 8.50%
|
1000
|
500
|
|
|
7.50% - 8.50%
|
1000
|
1500
|
|
|
|
7.50% - 8.50%
|
500
|
1000
|
|
|
7.00% - 8.00%
|
500
|
1500
|
|
|
7.50% - 9.00%
|
1000
|
1500
|
|
|
8.00% - 9.00%
|
1000
|
1500
|
|
|
7.00% - 8.00%
|
1000
|
1500
|
|
|
6.50% - 7.50%
|
1500
|
1000
|
|
|
8.00% - 9.00%
|
1000
|
1500
|
|
.png)
|
7.50% - 8.50%
|
1500
|
1000
|
|
|
8.00% - 9.00%
|
1500
|
1000
|
|
| Bank Name | Key Features | |
|---|---|---|
|
|
Interest rate
6.50% - 7.00%
Document Handling Charge
1500 |
|
|
|
Interest rate
7.50% - 8.50%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.00% - 8.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.50% - 9.00%
Document Handling Charge
500 |
|
|
|
Interest rate
6.00% - 7.00%
Document Handling Charge
500 |
|
|
|
Interest rate
6.00% - 7.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.50% - 9.00%
Document Handling Charge
500 |
|
|
|
Interest rate
7.50% - 9.50%
Document Handling Charge
1000 |
|
|
|
Interest rate
6.00% - 7.00%
Document Handling Charge
500 |
|
|
|
Interest rate
7.50% - 8.50%
Document Handling Charge
500 |
|
|
|
Interest rate
8.00% - 9.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
8.00% - 9.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
8.50% - 9.50%
Document Handling Charge
500 |
|
|
|
Interest rate
6.50% - 7.50%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.00% - 8.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
8.00% - 9.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.50% - 8.50%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.50% - 8.50%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.50% - 8.50%
Document Handling Charge
500 |
|
|
|
Interest rate
7.00% - 8.00%
Document Handling Charge
500 |
|
|
|
Interest rate
7.50% - 9.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
8.00% - 9.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.00% - 8.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
6.50% - 7.50%
Document Handling Charge
1500 |
|
|
|
Interest rate
8.00% - 9.00%
Document Handling Charge
1000 |
|
|
|
Interest rate
7.50% - 8.50%
Document Handling Charge
1500 |
|
|
|
Interest rate
8.00% - 9.00%
Document Handling Charge
1500 |
|
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
- BRIEF HISTORY OF COMPANY
- COPY OF ISO 9001:2000 CERTIFICATE / FACTORY ACT REGISTRATION /IEC CODE REGISTRATION
- PARTY WISE SALES IN LAST 12 MONTHS
- RECENT TRAIL BALANCE (INCLUDING CREDITORS & DEBTORS
- LATEST CUSTOMER AGING –LISTING ALL THE CUSTOMERS (NOT ONLY THE PROPOSED FACTORY ONES )
- FOR EACH PROPOSED FACTORABLE CUSTOMER => INVOICE + PURCHASE ORDER + SHIPPING DOCUMENT /POD + REMITTANCE ADVICE . THE SETS OF DOCUMENTS MUST RELATES TO THE SAME INVOICE . AT LEAST 6 SETS (TRANSACTION ) RELATES TO DIFFERENT MONTHS FOR EACH PARTY
- 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
- BRIEF HISTORY OF COMPANY
- COPY OF ISO 9001:2000 CERTIFICATE / FACTORY ACT REGISTRATION /IEC CODE REGISTRATION PARTY WISE SALES IN LAST 12 MONTHS
- RECENT TRAIL BALANCE (INCLUDING CREDITORS & DEBTORS
- LATEST CUTOMER AGING –LISTING ALL THE CUSTOMERS (NOT ONLY THE PROPOSED FACTORALE ONES )
- FOR EACH PROPOSED FACTORABLE CUSTOMER => INVOICE + PURCHASE ORDER + SHIPPING DOCUMENT /POD + REMITTANCE ADVICE . THE SETS OF DOCUMENTS MUST RELATES TO THE SAME INVOICE . AT LEAST 6 SETS (TRANSACTION ) RELATES TO DIFFERENT MONTHS FOR EACH PARTY
- 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
- BRIEF HISTORY OF COMPANY
- COPY OF ISO 9001:2000 CERTIFICATE / FACTORY ACT REGISTRATION /IEC CODE REGISTRATION PARTY WISE SALES IN LAST 12 MONTHS
- RECENT TRAIL BALANCE (INCLUDING CREDITORS & DEBTORS
- LATEST CUTOMER AGING –LISTING ALL THE CUSTOMERS (NOT ONLY THE PROPOSED FACTORALE ONES )
- FOR EACH PROPOSED FACTORABLE CUSTOMER => INVOICE + PURCHASE ORDER + SHIPPING DOCUMENT /POD + REMITTANCE ADVICE . THE SETS OF DOCUMENTS MUST RELATES TO THE SAME INVOICE . AT LEAST 6 SETS (TRANSACTION ) RELATES TO DIFFERENT MONTHS FOR EACH PARTY
- BRIEF HISTORY OF COMPANY
- COPY OF ISO 9001:2000 CERTIFICATE / FACTORY ACT REGISTRATION /IEC CODE REGISTRATION PARTY WISE SALES IN LAST 12 MONTHS
- RECENT TRAIL BALANCE (INCLUDING CREDITORS & DEBTORS
- LATEST CUSTOMER AGING –LISTING ALL THE CUSTOMERS (NOT ONLY THE PROPOSED FACTORY ONES )
- FOR EACH PROPOSED FACTORABLE CUSTOMER => INVOICE + PURCHASE ORDER + SHIPPING DOCUMENT /POD + REMITTANCE ADVICE . THE SETS OF DOCUMENTS MUST RELATES TO THE SAME INVOICE . AT LEAST 6 SETS (TRANSACTION ) RELATES TO DIFFERENT MONTHS FOR EACH PARTY
- 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
- BRIEF HISTORY OF COMPANY
- COPY OF ISO 9001:2000 CERTIFICATE / FACTORY ACT REGISTRATION /IEC CODE REGISTRATION PARTY WISE SALES IN LAST 12 MONTHS
- RECENT TRAIL BALANCE (INCLUDING CREDITORS & DEBTORS
- LATEST CUTOMER AGING –LISTING ALL THE CUSTOMERS (NOT ONLY THE PROPOSED FACTORALE ONES )
- FOR EACH PROPOSED FACTORABLE CUSTOMER => INVOICE + PURCHASE ORDER + SHIPPING DOCUMENT /POD + REMITTANCE ADVICE . THE SETS OF DOCUMENTS MUST RELATES TO THE SAME INVOICE . AT LEAST 6 SETS (TRANSACTION) RELATES TO DIFFERENT MONTHS FOR EACH PARTY
Frequently Asked Questions
What is LC Purchase Bill Discounting?
Discounting of Letter of Credit (LC) is a short-term credit facility provided by the bank. In the Letter of Credit discounting process, the bank purchases the documents or bills of the exporter and in return make him the payment for a security or a fee.
What is difference between Bill purchase and bill discounting?
While discounting a bill, the Bank buys the bill (i.e. Bill of Exchange or Promissory Note) before it is due and credits the value of the bill after a discount charge to the customer's account.
What are the advantages of Purchase bill discounting?
The business gets the cash instantaneously giving business cycle a better momentum. It allows an entrepreneur to do business without funds. This works like a bank overdraft, the borrower pays the interest only on the amount of money utilized. There is a tough competition in the market to extend such credit and hence there are a plenty of different products to suit the needs of the client. There are borrowers who even cover the risk of bad debt alon
What is the process of bill discounting?
- The seller sells the goods on credit and raises invoice on the buyer.
- The buyer accepts the invoice. By accepting, the buyer acknowledges paying on the due date.
- Seller approaches the financing company to discount it.
- The financing company assures itself of the legitimacy of the bill and creditworthiness of the buyer.
- The financing company avails the fund to the seller after deducting appropriate margin, discount and fee as per the norms.
- The seller gets the funds and uses it
Calculators
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