Post Shipment Credit Fx is a type of fund provided by the bank to the exporter or seller against a shipment that has already been made.
Post Shipment Credit Fx @4.75%
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Calculator InformationThe Equipment Finance Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate. The Product selected determines the default interest rate for personal loan product. The Equipment Finance Calculator also calculates the time saved to pay off the loan and the amount of interest saved based on an additional input from the customer. This is if repayments are increased by the entered amount of extra contribution per repayment period. This feature is only enabled for the products that support an extra repayment. The calculations are done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.
Length of MonthAll months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days interest dependent on the number of days in the particular month.
Number of Weeks or Fortnights in a YearOne year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
Rounding of Amount of Each RepaymentIn practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount.
Rounding of Time SavedThe time saved is presented as a number of years and months, fortnights or weeks, based on the repayment frequency selected. It assumes the potential partial last repayment when calculating the savings.
Amount of Interest SavedThis amount can only be approximated from the amount of time saved and based on the original loan details.
Calculator DisclaimerThe results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change.
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The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.
What you mean by Post shipment credit FX Eligibility Criteria?
Post shipment finance are generally granted from the date of extending credit & after the shipment of goods to be realization of date exporter proceeds. This allows the exporter to get quick access to credit before the importer initiates funds.
Post-shipment finance Eligibility Criteria
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover& Creditworthiness …etc.
- • Age Limit of Individuals – 25 to 65 years
- • Individual & companies involved in export are eligible
- • Even any entity engaged in export of goods
- • This facility only availed by those exporters who has order on his own name
- • Some institutions fund for third party manufacturers who don’t have export on their own name
- • Exporter should not be in the caution list of Reserve Bank of India (RBI).
What are the factors generally affecting Post shipment credit FX eligibility Criteria?
There are top factors that generally affects post-shipment finance eligibility criteria as given below: –
Business not involved in exports of goods: – This is one of the major reasons behind not meeting the eligibility as for obtaining post shipment finance an business or individua must need to be engaged in exports of goods.
Age limit should not exceed: – As per the criteria below the age of 25 & above the age of 65 led to affect your eligibility because lenders want the surety that you are capable to repay the loan.
What are the ways to increase Post shipment credit FX eligibility?
To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.
lear existing debts: – CIf you are having existing loan, then prefer to close it as earlier as possible to avoid any kind of effect take place in credit score, a clear up to mark credit score ranging 700 above leds to increase eligibility.
Have close eye on credit report: – It always advised to keep a close eye on your credit report in regular basis & ensure whether all transaction is taking place on time, if not then keep them up to date as it will help you in increasing eligibility as the repayment capacity seems positive.
- 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 BIL
- PARTNERSHIP DEED COPY
- 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
- 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
You can take Loans s for Post Shipment up to 10 crores or more than according to your needs.
Firstly, select the bank then fill the application form and submit it in your nearest branch or submit it online through the website wait for approval.
It is available for all types of exporters or seller: –
- Merchant exporters
- Manufacturer exporters
- Export houses
- Trading houses
Following documents are required for Post Shipment Credit Fx fund: –
- packing list
- Performa invoice
- Shipper’s Letter of Instruction
- Certificate of origin
You can take a Post Shipment Loan for short term or long term. Interest rate will be charge according to that: –
- For short term post shipment loan time period is 90 days
- For long term post shipment loan time period is 6 months.