| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Forclosure Charge | Chances of Loan Approval | |
|---|---|---|---|---|---|---|---|
Neogrowth
|
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 |
|
|
Indian Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
Indian Overseas Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
Karnataka Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
Punjab & Sind Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
Punjab National Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
State Bank of India
|
1% | 1% | 5000 | 12 | NIL |
|
|
UCO Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
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Union Bank of India
|
1% | 1% | 5000 | 12 | NIL |
|
|
United Bank of India
|
1% | 1% | 5000 | 12 | NIL |
|
|
Axis Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
Bandhan Bank Ltd.
|
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 |
|
|
Federal Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
HDFC Bank Ltd
|
1% | 1% | 5000 | 12 | NIL |
|
|
.png)
ICICI Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
IDFC First Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
IndusInd Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
Kotak Mahindra Bank
|
1% | 1% | 5000 | 12 | NIL |
|
|
RBL Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
South Indian Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
YES Bank Ltd.
|
1% | 1% | 5000 | 12 | NIL |
|
|
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
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.
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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Just submit your Letter of Credit application form at any of our ideal bank Branche and for approval.
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There are many benefits of Stand by Letter of Credit: -
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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.
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There are two types of Stand by Letter of Credit given below: -
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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.
CA Vikas Jain - Our Mentor
9863-02-02-02