Standby letter of credit (SBLC)
This Letter of credit is issued for enterprise who is seeking a loan or any contract but don't have sufficient credit standing. In this bank or financial institution will need a guarantee from another party (third party). This is in the form of letter (standby letter) that is issue by another financial institution or bank.
The enterprise will produce and do all necessary formalities to support the non-performance of the buyer to obtain the payment through the SBLC. Now the bank or financial institution will release the payment after the verification of the documents offered comply with the terms of contract. It is issued, discounted or monetized or enhanced as per the requirement.
User insufficient credit standing can go for this financial instrument to pay to its vendors.
It can be discounted, monetize or enhanced as per the requirement.
Quick & easy.
Who Can apply
Business continuity proof not less than 3 years, Any business/Export, Import.
PAN card of the company.
PAN card of the Promoters/Directors.
Business registration document.
Company address proof.
1 year loan schedule statement of any previous running loan.
1 year bank statement of the company.
3 years balance sheet, P&L with audit report.
3 years I.T.R of the company.