Cheque Discounting Facility

Parameter Remark
Purpose To provide Finance to corporates/Suppliers against their future payments for the supplies made/services rendered.
Target Groups Corporates of Satisfactory Credentials subject to due deligence.
Facility Type Discounting of Cheque/s received by subject corporate client from another corporate of good repute against sale/supply of goods. Self-attested photo copies of the Invoice evidencing sale to be kept on record.
Limit Max up to the amount/s of receivables/Cheques in favour of the client within our single borrower exposure limit.
Tenor In concurrence of the due date of receivables Maximum up to 3 months
Rate of Interest Flat 3% Interest per month or its part.
Disbursement By way of credit to the account of client net of Interest discounted.
Repayment Monthly in concurrence with the due date of receivables/cheques.
Documents Required

Board Resolution from the Corporate Client for opening deposit/loan account/s with us and Power of Attorney granted to its managers, officers and/or employees to transact on the account.

KYC Documents and photographs of the Directors/signatories. Work Permit/s if Foreignors.

Certified copies of Certificate of incorporation, Memorandum & Articles of Association, Form 20, Form 7, Form 18 (for address of the company)

   Demand Promissory Note

   Personal Guarantee executed by Director/s

Updated on : 1/ 1/ 2018