Ussance letter of credit (ULC)
Ussance Letter Credit is a letter of credit payable at a predetermined time. It is quite different from normal sight letter of credit. If the documents are appropriate and comply with the terms of the LC; the issuing bank accepts the draft and pays on maturity date as per the terms of the LC.
The buyer receives the product instantly and payment is made later and thus avail a grace period for payment
Importer receives the product instantly and payment is made later and thus avail a grace period for payment.
Who Can apply
Business continuity proof not less than 3 years,Any
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.
3 years balance sheet, P&L with audit report.
1 year bank statement of the company.
3 years I.T.R of the company.