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.
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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.
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness ...etc.
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.
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.
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: -
What are parties involved in Stand by Letter of Credit fund?
What is the purpose of Stand by Letter of Credit fund?
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?
There are two types of Stand by Letter of Credit given below: -
Which customer is eligible for Stand by Letter of Credit fund?
Any individual, business firm, customers are eligible. If they have sufficient cash in their bank account or a good cibil score.