Labour export loan

Parameter Remark
Purpose Financing visa and other related fee for the workers going to foreign countries and arranging Air Ticket
Target Groups Recruitment Companies/Consultants for work abroad jointly with the worker going abroad
Facility Type Short Term Loan
Limit Max 90% of the cost of air ticket and Visa fee within our single borrower exposure limit.
Tenor Max 12 Months
Rate of Interest Flat 3% Interest per month or 5% PM on reducing balance
Repayment Monthly Instalments
Documents Required

   National ID/ Passport of the worker

   Copy of Visa/Work Permit

   2 Recent Passport size photographs of worker going abroad

   Copy of offer letter for going abroad

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 Foreigners.

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

   Personal Guarantee executed by Director/s and parent/s of the borrower

Processing Fee 1% of the loan amount

Updated on : 1/ 1/ 2018