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OD/CC Limits BG/LC/Sweeping

Cash Credit Account is the primary method in which Banks lend money against the security of commodities and debt. It runs like a current account except that the money that can be withdrawn from this account is not restricted to the amount deposited in the account. Instead, the account holder is permitted to withdraw a certain sum called "limit" or "credit facility" in excess of the amount deposited in the account. Cash Credits are, in theory, payable on demand. These are, therefore, counter part of demand deposits of the Bank.

Overdraft (OD Limit) is also a different kind of bank account where the account holder withdraws more money from a Bank Account than has been deposited in it.

The difference in both of these CC and OD limit bank accounts is very subtle and relates to the operation of the account. In the case of Cash Credit, a proper limit is sanctioned which normally is a certain percentage of the value of the commodities/debts pledged by the account holder with the Bank. Overdraft, on the other hand, is allowed against a host of other securities including financial instruments like shares, units of mutual funds, surrender value of LIC policy and debentures etc. Some overdrafts are even granted against the perceived "worth" of an individual. Such overdrafts are called clean overdrafts.

We arrange to obtain both CC and OD limits based on the criteria set down by the paying Banks and Financial Institutions. We deal with all major Banks and Financial Institutions which include Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank (formerly UTI Bank), HSBC, Citibank, ABN Amro, Kotak, IDBI and many others.
All these Banks compete to give their Best Rates and you get the advantage of getting our services of managing and negotiating all for your benefits. We do it fast as well. We do it for you in just three steps:
  1. Analyze Your Loan Requirement by just discussing with you
  2. Get & Compare offers from all Banks and Financial Institutions by just getting best interest rates and negotiating the terms beneficial to you.
  3. Go with the Lowest Bidder.
Eligibility Criteria
  • You must be at least 21 years of age when the loan is sanctioned.
  • The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
  • You must be employed or self-employed with a regular source of income.
The loan amount sanctioned depends on a host of factors. You can get loans up to 60% of market value of residential properties and 50% market value of commercial properties. The loan can be used by proprietors, self employed professionals, partnership firms and private limited companies.                

Required Documents
  • Completed Application Form
  • Passport size Photograph
  • Proof of Identity - PAN Card/ Voters ID/ Passport/ Driving License
  • Proof of Residence - Recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voters ID
  • Proof of Business Address in respect of Businessmen/ Industrialists
  • Sale Deed, Agreement of Sale, Letter of Allotment, Non Encumbrance Certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
  • Copy of Approved Plan and Approval from the Local Body
  • Statement of Bank Account/ Pass Book for last 6 months
Pre-Shipment finance
This facility provides liquidity for procuring raw materials, processing, packing, transporting, warehousing of goods meant for export. Pre-shipment finance is extended in the following forms :
•  Packing Credit in Rupees (Export Packing Credit)
•  Packing Credit in foreign currency (PCFC)
 
Documents Required:
Irrevocable LCs / Export Orders / Track Record with submission of proof of Export order

Margin:
Inventory - Ranges up to 25 % against Inventory
Interest Rate:

• In case of PCFC, Interest Rate Ranges between 0.50 % to 0.75 % above LIBOR prevailing on each disbursement date of facility that comes out 3.5 % to 4.0%. (Indicative)
• In case of EPC, Interest Rate ranges between 7 % to 7.50 %.( Indicative)
Post-shipment finance
It is a credit facility extended from the date of shipment of goods till the realisation of the export proceeds. The different types of post-shipment advances include:
• Export bills purchased/discounted
• Export bills negotiated (against letter of credit)
• Advances against bills sent on collection basis
• Advances against exports on consignment basis
• Advances against undrawn balances
• Advances against Duty Drawback
Exporters have the option of availing Post-Shipment finance either in rupees or in foreign currency.
Post Shipment in Foreign Currency (FBP / FBD / FBN)

Documents Required: Export Documents.
• Interest Rate: Ranges 0.50 % to 0.75 % above LIBOR prevailing on each disbursement date of facility in case of facility in USD or foreign currency. (Indicative)
• Interest Rate: Ranges 7 % to 7.5 % in case of INR.(Indicative)
Security

• Charge on Current Assets & Fixed Assets.
•  Personal Guarantee of Promoters / Directors.
•  Equitable Mortgage of Property ( 50 % to 70 % Cover )
 
CASH CREDIT
Eligibility
Satisfactory Internal Credit Rating
Preferably working capital cycle up to 6 months
Margin (indicative)

Margin on inventory.
Margin on receivables.
Security

•  Charge on the inventory and receivables.
•  Charge on other current assets, wherever possible
•  Personal guarantee of promoter directors.
•  First/second charge on fixed assets.
Interest Rate

Ranges between 10.0 to 12.5 %.(Indicative)
   

Vendor Financing

Features

The Bank extends Bill Discounting services on bills drawn by suppliers on the company. Bills accepted by the company are eligible for discounting under this scheme. Discounting rate is linked to the tenor based IBR. Priority sector companies are also eligible for this service.
•  Differs from Corporate Bill discounting limit, as it is a limit to the vendor & not the Corporate.
•  Limit is outside the banking arrangement of the Corporate.
•  Recourse is to the vendor.
 
Process Flow
•  Vendor raises supply bills/ invoices on Corporate.
•  Corporate forwards accepted supply invoices / bills to Bank for discounting.
•  Bank remits net amount to vendor.
•  Corporate makes payment of invoice amount to Bank on maturity.
 
 
DEALER FINANCE Features
•  Short-term unsecured finance to selected dealers of large Corporates
•  Extended for procurement of goods from Corporates
•  Self liquidating in nature
•  Dealer Finance commonly on a non-recourse basis to Corporate.
•  Corporate Recourse available by way of First Loss Deficiency Guarantee in some cases.
•  In all cases, Corporate provides non-financial comforts like Stop Supply Letter, Assistance in Recovery & Resale and to route all payments due to dealer through our Accounts
•  Can be structured as a Bill Discounting or Overdraft Facility

Bill Discounting
•  The Corporate raises supply bills on the dealer.
•  The dealer accepts & forwards the supply bills and also provides a post dated cheque (PDC) upfront along with the accepted bill.
•  The bills and the PDC are collected by the Company either centrally or at regional centres and submitted to the bank for discounting.
•  The PDC is warehoused by the discounting branch.
•  The bank discounts the bills and disburses the amount directly to company.
•  On date of maturity the PDC is collected by Bank's CMS system and the advances liquidated.
 
OVERDRAFT FACILITY
Process Flow
•  The Corporate raises supply bills on the dealer.
•  The dealer accepts & forwards the supply bills and also provides a post dated cheque (PDC) upfront along with the accepted bill.
•  The bills and the PDC are collected by the Company either centrally or at regional centres and submitted to the bank for discounting.
•  The PDC is warehoused by the discounting branch.
•  The bank discounts the bills and disburses the amount directly to company.
•  On date of maturity the PDC is collected by Bank's CMS system and the advances liquidated.
 
 
SECURITISATION - CREDIT CARD RECEIVABLES
Target Segment
All “Star” and “A” category Merchant Establishments. Minimum credit card sales of Rs 1 million and Rs 2.5 million for “A” and “Star” ME respectively.
Main Features
•  Financing facilities against securitisation of future credit card sales.
•  Financing in the form of demand loan and overdraft facilities.
•  Demand loan for a tenor of 3-9 months and upto a maximum of 75 % of credit card sales for the corresponding number of months
•  Overdraft upto a maximum of 80 % of monthly credit card sales.
•  ICICI Bank to be the sole merchant acquiring bank for all VISA/ MasterCard credit card sales
•  Maximum aggregate funding of 30 million.
•  Transparent and parameterised evaluation and scoring process.

Benefits
•  Encash the value and potential of your future credit card sales by getting upfront finance facility.
•  Competitive pricing and faster turn around time.
LETTER OF CREDIT
Target Segment :
Importers, Traders, Manufacturers .
LC
A bank's written guarantee made on behalf of a buyer ( Say Importer in India) to pay a seller ( say Supplier in US) a given sum of money provided that documents presented meet the terms specified and are presented within a specified time and at a specified place
 
Product
• Sight and Usance L/C (Both Inland and Foreign)
 
BANK GUARANTEE
Target Segment
• Service providers, manufacturers, Traders & Contractors
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