Letter of credit

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    What is a Letter of credit?

    Does your business frequently conduct international trade? Are you readying your business for international trade? If yes, you may be needing to opt for a Letter of Credit.

    If your business is a buyer, use the letter of credit to assure your international supplier for payment. Especially, if you are trying to source from a big supplier as a startup with no history of transactions or satisfied past suppliers to offer as references, this facility can be a boon.

    If your business is a seller, you should definitely invest in the letter of credit to guard against failure to pay on the part of your buyer, non-delivery of goods due to unforeseen circumstances, and other factors that might hold back your payment.

    Requirements
    Our proprietary, world-class search engine software is developed by OneNDF with our in-depth, hands-on market and development process. We make borrower-lender matches that ensure mutual benefit and comfort.
    All you need to do is complete a short online form detailing your requirements and the system takes care of the rest.

    Sector
    When you are looking for a lender who will offer you a useful letter of credit, you could certainly benefit from partnering with one that understands the struggles and intricacies that make up the DNA of your sector of operation. Our lenders have hands-on experience with companies from all significant and fledgling sectors in the country.

    OneNDF will always stand by our esteemed borrowers and ensure that lenders adhere to all terms in a contract.

    Why choose OneNDF Letter of Credit ?

    • Payment guarantee

      Utilise this guarantee when you need to assure a supplier of payment by a set, predetermined date or when you need to make such an assurance to obtain a loan.

    • Advance payment guarantee

      Safeguard advance payments made by your business by choosing this sort of bank guarantee that reimburses the borrower if goods or services are not supplied according to terms set in a pre-signed contract.

    • Confirmed payment order guarantee

      In situations where input costs are high, and payment is on delivery, manage the risk of order cancellation, delayed payment, insufficient payment, and non-payment by this type of bank guarantee, which assures you get your payment on the set date.

    • Performance bond guarantee

      Quality-linked risks can be managed by opting for a performance bond that acts as collateral for goods and services being of the standards/ as per description in the pre-signed contract.

    • Warranty bond guarantee

      Very much like its prior counterpart, a warranty bond guarantee has to do with standards and description. However, it is specifically linked to how the goods and services are delivered, as per a pre-signed contract.

    OneNDF Letter of Credit Benefits

    When you use OneNDF's letter of credit facility, you get the following benefits:

    • Get up close and personal with your lender OneNDF understands that face-to-face discussions are essential to business relationship evaluation and creation. As one of our esteemed borrowers, you gain access to our state-of-the-art, conveniently inbuilt video calling platform. Use our video calling capabilities to fine-tune terms and conditions, ask probing questions, and negotiate the best deal possible for your business.
    • Obtain the best in class interest rates At OneNDF, the most reputed banks and financial institutions, offering the most competitive rates become potential lenders to your business. Our filtering process ensures that you are presented with only the most affordable interest rates and fees, that better the market average.
    • Choose a lender with the right fit Ensuring the right fit is a process that OneNDF has perfected; it takes place at three levels and all three are centered on your unique needs as a borrower
    Eligibility Criteria Requirement
    Age The vintage of the Firm should be at least two years.
    Business Type
    • Sole Proprietorship
    • Partnership
    • Public or Private Limited Companies
    Assessment Financial assessment & Valuation of the property offered as collateral.
    Self Employed Individuals
    Duly filled Application Form
    Passport Size Photograph
    Proof of Identity – Voter ID card/PAN card/ Passport/Aadhar card/Valid Driver’s license
    Proof of Residence – Latest Electricity Bill/Utility Gas Bill/Telephone Bill/Passport/ Registered lease agreement with a utility bill in the name of the landlord
    Proof of Business: Registration Certificate/GST Certificate
    Proof of Income: Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant of previous 2 years
    Bank Account Statements (self & business) – previous 12 months
    Complete chain of Property papers
    Sanction Letters & Repayment schedules of all the loans & limits; if any

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