| Bank Name | Min Interest Rate | Processing Fee | Foreclosure Charge | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
OfBusiness
|
18.00% | 1% | 2% | 60 |
|
|
State Bank of India
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8.00% | 1% | 2% | 60 |
|
|
IndusInd Bank
|
10.00% | 1% | 2% | 60 |
|
|
Kredx
|
18.00% | 1% | 2% | 60 |
|
|
When you are facing trouble in managing business cash flow due to lack of stuck bill, get use of collateral free working capital for day-to-day business operational expenses, where you just need to pay some percentage of actual payment as a fee to lender.
Purchase bill discounting Eligibility Criteria
Note: - You can avail Up to 90% of actual invoice receivable as a loan amount.
What are the benefits of availing Purchase bill discounting?Never wait for unpaid invoice payment to take place, As the fail to meet new projects chances increases, unleash the power of invoice discounting It would be a great way to generate business cash flow on immediate basis.
Immediate access to cash flow: - If you’re getting multiple new projects at the same time when you’re existing invoice payment doesn’t taken place, at that time you require immediate fund to work on those new projects, wherein bill discounting is the only ways of acquiring funds.
Nil effect on balance sheet: - Many of us have fake illusions that by acquiring bill discounting it will effect on balance sheet, but on reality there is no such thing happens even not a single effect take places on balance sheet as borrowing this facility is totally off sheet counted.
Effortless obtaining: - Getting purchase invoice discounting is more effortlessly accessible than compared to other loans application process where you required to fill form & go through various domentation procedures to avail loan, but invoice discounting feature allows you to get fund in very effortless manner.
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 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
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)
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
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
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
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 (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 considered to be good way to strengthen business liquidity.
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Letter of Credit Discounting is an ideal way of financing. The various financial institution offers facility where it provides the guarantee of money be paid to seller if buyer default to pay the sum of amount.
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LC Discounting charges starting at 6.00% onwards.
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Sellers request a Letter of Credit from buyer before the goods get delivered, seller wants the guarantee of money to pay on time without any default. Follow Below mentioned workflow of lc discounting: -
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Usually, there are 5 types of Letter of Credit Discounting as below given: -
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Through the facility seller get able to lower the risk & respectively increases payment guarantee.
This type of advance payment helps in getting working capital which enhance good quality took place as the cash flow of business is strong.
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Any company whether it’s a proprietorship/private limited/partnership company. Business minimum continuity should be 5 years & turnover should be 100 crores.
CA Vikas Jain - Our Mentor
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