Stand by Letter of Credit

A standby LC is offered to the seller in which a legal document is made in terms of offering the seller a promise to pay the money if the buyer fails to make payment.

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.

  • Individuals must be between the ages of 22 and 60.
  • Collateral is necessary if the loan amount is higher.
  • Must have an excellent credit history.

Documents Required

  • Two Photographs
  • Pan Card Copy
  • Aadhar Card + Passport
  • Address Proof (If Rented, also provide 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 Financials for AY 2023-24
  • Bank Accounts (Current Account, CC Account, OD Account – Last 1 Year Updated)
  • 6 Month Savings Account Statement – Updated (Proprietor)
  • If Running Any Loan – Provide Sanction Letter and Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers with Complete Chain & Sanction Map
  • Photograph – Partners
  • Pan Card – Company, All Partners
  • Address Proof – All Partners (Passport, Voter ID, Pan Card, Aadhaar)
  • Firm Address Proof – Latest Utility Bill
  • Partnership Deed Copy
  • GST Certificate
  • GST Return – Last 1 Year
  • 3 Years Company ITR, Computation, Profit & Loss A/C, Balance Sheet, Audit Report (3CB, 3CD), All Annexures & Schedules – CA Certified
  • Provisional Financials – AY 2023-24
  • 3 Years Individual ITR & Computation – All Partners
  • Firm All A/C Bank Statement – Last 1 Year Updated
  • All Partner Savings A/C Statement – Last 6 Months
  • If Running Any Loan – Latest Sanction Letter + Repayment Track Record or Schedule
  • Agreement to Sell Copy
  • Property Papers – Complete Chain with Map
  • All Director’s 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 Annexure
  • Provisional Financial FY Last Year or Month-Wise Sale Figures – Last 1 Year
  • Company All Bank Account Statement – 1 Year Updated
  • All Directors’ Saving A/C Statement – Last 6 Months
  • If Running Any Loan – Latest Sanction Letter and Repayment Schedule
  • Agreement to Sell Copy
  • Property Papers – Complete Chain with Sanction Map

FAQs

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

1. What are the advantages of having a Standby Letter of Credit fund?

There are numerous advantages to using a Stand by Letter of Credit:-

  • It lowers the risk of non-paying customers.
  • Reduce the risk associated with international commerce transactions.
  • It is simple to secure.

2. How many different forms of Standby Letters of Credit funds are there?

There are two types of Standby Letters of Credit:-

  • A financial letter of credit on standby.
  • Standby Letter of Credit performance.

3. Who is eligible for the Stand by Letter of Credit fund?

Individuals, businesses, and customers are all eligible. If they have enough money in their bank account or a decent credit score.

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