Generally, Interest Rates are common cost applicable on any loan with that other cost are involved such as LIBOR rates, SWIFT charges & issuing SBLC charges.
Buyers Credit @5.00% Onwards
• It help the exporter get paid before due date
• Able to negotiate better rates
• Long & short term credit both available
• Able to negotiate better rates
• Long & short term credit both available
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Eligibility Criteria
What you mean by Buyer Credit Eligibility Criteria?
This type of facility is generally offered to importer for the purpose to finance their capital goods wherein overseas lender such as financial institutions aid to support them. These credits are preferred by international trading buyers as it provides the accessibility to purchase goods at lower rates as compared to purchasing via domestic. Lender finance to those buyers who purchase large order with minimal risk.
Buyer Credit Eligibility Criteria
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness …etc.
Eligibility Criteria
- • Individual involved in importing & exporting of goods
- • Compliance should be with applicable Trade as per Credit guidelines by their constituents.
- • Person resident in India acting as an importer
Note: – You can avail up to 85% of contract value as a loan amount
What are the factors generally affecting Buyer Credit eligibility Criteria?
There are few factors that generally affects Eligibility Criteria as given below: –
Credit History: – Lenders are always ready to fund you, but the major reason for not funding all is that will you able to repay it? Therefore, they look at your past credit history to ensure you future commitments of repayment.So, if there any default payment found your eligibility level get lower.
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 Buyer Credit eligibility?
To increase loan against property eligibility, you need to consider 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.
Build a strong credit record: – A strong credit record helps you in getting loan easier & aid in evaluating credit risk, for that you are required to do payment on timely manner as it will enhance your eligibility.
Documents Required
- PHOTOGRAPHS 2
- 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
It is issued by importer bank on behalf of importer to get funding from Overseas Bank.
Importer banks will take responsibility for the money to be paid in case importers fail to make payment to exporters.
Yes, it’s important Overseas Banks used to follow this process as per its norms, one needs to complete this KYC process.
It’s a short-term loan offered to buyers from overseas banks to purchase goods at lower rates compared to usual rates. Even exporters are guaranteed their payment will be paid on time without any default taking place.
This facility enables buyers to purchase goods at a lower rate with an extending date of making payment to exporter. Also, buyer get the chances to negotiate better discounts & avail the credit facility.
Importers enter into agreement with suppliers for import goods wherein financial institutions play an important role in providing a line of credit with Overseas Banks to help. Overseas banks pay directly to supplier before the due date & the buyer pay to Overseas Bank as per the commitments
It’s easy to apply just submit your request letter through online or offline by nearest bank & fill the application form with correct values, make sure you carry all the necessary documents.
