Stand by Letter of Credit @1.00% Commission
Axis Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
Bandhan Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
Bank of Baroda
|
1% | 1% | 5000 | 12 | NIL |
|
|
Bank of India
|
1% | 1% | 5000 | 12 | NIL |
|
|
Bank of Maharashtra
|
1% | 1% | 5000 | 12 | NIL |
|
|
Canara Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
Central Bank of India
|
1% | 1% | 5000 | 12 | NIL |
|
|
City Union Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
DCB Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
Digibank (DBS)
|
1% | 1% | 5000 | 12 | NIL |
|
|
Eligibility Criteria
Standby LC is offered to seller in which a legal document prepared in terms of giving commitment to seller if the buyer falls to make payment, then we will take the responsibility to pay the amount.
Standby letter of credit Eligibility CriteriaEligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness ...etc.
Eligibility Criteria
- • Age Limit of Individuals - 22 to 60 years
- • Collateral required must incase risk of loan amount is higher
- • Should have good credit record
There are top factors that generally affects Standby LC eligibility criteria as given below: -
Nil Collateral: - Even for availing Stand by letter of credit, lender want to know whether you are pledging any collateral/assets for getting loan, as to ensure the repayment can anyhow be collected. So, if won’t any property you lower the eligibility chances.
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 Standby letter of credit eligibility?To increase eligibility, you need to consider Top 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.
Clear business strategy: - Remember, a clear business strategy is such best way to increase your eligibility, as much as the concept is clear with applicable strategies to generate revenue helps the venture capitalist to do funding without carrying any fear of losing money.
Documents Required
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PAN CARD COPY
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AADHAR CARD + PASSPORT
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ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
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LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
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LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
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LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
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COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
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PROCESSING FEE CHEQUE IN FAVOUR OF BANK
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LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
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PHOTOGRAPH BOTH
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PAN CARD CLEAR COPY PROPRIETOR
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ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
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OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
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FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
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LAST 1 YEAR GST RETURN COPY
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FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
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PROVISIONAL FINANCIAL AY 2019-20
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BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
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6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
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IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
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AGREEMENT TO SELL COPY
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PROPERTY PAPERS WITH CHAIN SANCTION MAP
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PHOTOGRAPH PARTNERS
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PAN CARD - COMPANY, ALL PARTNERS
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ADDRESS PROOF - ALL PARTNERS (PASS PORT, VOTER I PAN CARD, ADHAAR)
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FIRM ADDRESS PROOF- LATEST ANY UTILITY BILL
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PARTNERSHIP DEED COPY
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GST CERTIFICATE
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GST RETURN LAST 1 YEARS
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3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
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PROVISIONAL FINANCIAL AY 2019-20
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3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
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FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
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ALL PARTNER SAVING A/C STATEMENT 6 MONTH
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IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
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AGREEMENT TO SELL COPY
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PROPERTY PAPERS COMPLETE CHAIN WITH MAP
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ALL DIRECTORS PHOTOGRAPH
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CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
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ADDRESS PROOF – COMPANY AND DIRECTORS
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LIST OF DIRECTOR& SHARE HOLDER WITH CA CERTIFIED AS ON DATE
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MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
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GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
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1 YEAR GST RETURNS
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ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
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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
FAQs
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.
How I can apply for Letter of Credit fund?
+
Just submit your Letter of Credit application form at any of our ideal bank Branche and for approval.
What are the benefits of a Stand by Letter of Credit fund?
+
There are many benefits of Stand by Letter of Credit: -
- It reduces the risk of non-paying buyers
- Reduce the risk in international trade transactions
- It is quick to secure.
What are parties involved in Stand by Letter of Credit fund?
+
- Applicant/Buyer/Importer
- Issuing Bank
- Beneficiary/Seller/Exporter
- Advising Bank
- Nominated Bank
- Confirming Bank
- Reimbursing Bank
- Second Beneficiary
What is the purpose of Stand by Letter of Credit fund?
+
- To back up the seller obligation
- Guarantee of payments.
- Collateral for loan
- Improving credit rating of bond, notes security of any kind of commercial paper.
What is Stand by Letter of Credit fund?
+
A Stand by Letter of Credit (SLOC) is a legal document that gives guarantees of payment to a seller in the event that the buyer or the bank's client.
How many types of Stand by Letter of Credit fund?
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There are two types of Stand by Letter of Credit given below: -
- A financial Stand by Letter of Credit.
- The performance Stand by Letter of Credit.
Which customer is eligible for Stand by Letter of Credit fund?
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Any individual, business firm, customers are eligible. If they have sufficient cash in their bank account or a good cibil score.
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