Credit Service Heading
Funding requirements for imports of machinery/ stocks covered by Letters of Credit arranged for upto 180 days, generally. Longer period credits can also be considered on case to case basis.
We offer special arrangement facility by discounting Exporter’s bills and pay them at sight against Usance bills under letters of credit issued by Indian Branches of SBI/ Associate Banks/ Reputed Private & Foreign Banks in India, within approved inter-bank limits.
Discounting at very competitive Rates of Interest (Against Prime Rate charged by the exporters).
Benefits to Korean Exporters: Payment of the bill amount at sight basis. .No hassles for follow up with importer/ his bank for payment
Benefits to Indian Importers:
Availability of cheaper funds for import of raw materials.
Viable option of working capital finance.
Goodwill from exporter leading to long term relationship.
How can you avail this facility?
LC should be opened only for FOB/CIF/C & F value with a Usance tenor of 180 days.
LC must conform to the extant Import control requirements/RBI regulations.
LC should be made available with SBI, Seoul for discounting.
LC can be overdrawn for interest amount at contracted rate or prime rate whichever is applicable.