|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.|
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
Cheque Discounting Facility
Updated on : 1/ 1/ 2018