Buyers Credit

This form of financing is typically provided to importers to finance their capital goods, with assistance from outside lenders such as financial organizations. These credits are chosen by international trading purchasers because they allow them to purchase items at lower rates than if they purchased domestically. Lender financing is available to buyers who purchase large quantities with less risk.

Low Initial Payment

Enticing EMI

Instant Acceptance

No guarantor

Used Vehicle Loans

Refinance Existing Loans

Eligibility Criteria

The eligibility criteria are determined by a variety of elements such as the individual's age, repayment history, business sales/turnover, and creditworthiness, among others.

  • Person concerned with the import and export of goods
  • Compliance with applicable Trade as per Credit rules by their constituents is required
  • An Indian resident operating as an importer

Documents Required

  • Two Photographs
  • 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 Filed)
  • 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 the Bank
  • Last 3 Months’ Salary Slip + Appointment Letter
  • Photograph Both
  • Pan Card Clear Copy – Proprietor
  • Address Proof (Passport, 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 Schedules & Annexures
  • Provisional Financial AY 2023-24
  • Bank Accounts (Current Account, CC Account, OD Account – Last 1 Year Updated)
  • 6 Month Saving Account Statement Updated (Proprietor)
  • If Running Any Loan – Provide Sanction Letter and Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers with Chain and Sanction Map
  • Photograph – Partners
  • PAN Card – Company and All Partners
  • Address Proof – All Partners (Passport, Voter ID, PAN Card, Aadhaar)
  • Firm Address Proof – Latest Utility Bill
  • Partnership Deed Copy
  • GST Certificate
  • Last 1 Year GST Return
  • 3 Years Company ITR, P/L A/C, Balance Sheet with Audit Report (3CB, 3CD), All Annexures, Schedules – CA Certified
  • Provisional Financial – AY 2023–24
  • 3 Years All Partners’ Individual ITRs + Computation
  • Firm All Bank Account Statements – Last 1 Year Updated
  • All Partners’ Saving Account Statements – Last 6 Months
  • If Any Running Loan – Latest Sanction Letter + Track Records or Repayment Schedule
  • 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 Directors & Shareholders – CA Certified as on Date
  • Memorandum Order in Hand and Complete Copy (if applicable)
  • GST, Sale, VAT, and SSI Registration Certificate
  • 1 Year GST Returns
  • All Directors’ Individual ITR & Computation – Last 3 Years
  • Last 3 Years Complete Financials with Tax Audit Report and Annexures
  • Provisional Financials for FY Last Year or Month-wise Sales Figures for Last 1 Year
  • Company’s All Bank Account Statements – Last 1 Year Updated
  • All Directors’ Saving Account Statements – Last 6 Months
  • If Any Loan is Running – Latest Sanction Letter and Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers – Complete Chain with Sanctioned Map

FAQs

Got questions? Our FAQs have answers and a sprinkle of humor. Dive in and discover more!

1. Who is responsible for issuing backdoor Buyers Credit (SBLC) ?

It is issued by the importer bank on behalf of the importer to Patong from the Overseas Bank.

2. What are the costs of Buyers Credit?

In general, interest rates are a frequent expense associated with any loan, along with other costs such as LIBOR rates, SWIFT charges, and issuing SBLC charges.

3. What are the advantages of Buyer's Credit?

This facility allows purchasers to purchase items at a lower price while deferring payment to the exporter. Additionally, buyers have the opportunity to negotiate greater discounts and obtain credit.

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