!! Global IME Bank offers different Industrial/ Business Loans to suffice financing requirement of different kinds of organizations. !!
Followings are the different funded facilities offered by GIBL:
Fixed Term Loan
Fixed term loan is granted for industry to finance fixed assets whose gestation period is high.
Repayment period: 3 – 15 years (Infrastructure period)
3 – 7 years (Other projects)
Repayment Schedule: Repayment on installments over the period of loan
Working Capital Loan
Working capital loan will be granted to meet the working capital requirement of the borrower. Working capital can be divided into fixed working capital and variable working capital. Fixed working capital will be financed by way of short term loan whilst variable working capital will be financed by overdraft facility. Financing up to 70% of the requirement (working capital calculated by net of current assets and current liability) can be made through this type of loan.
Competitive interest rate on Working Capital Loan: 12.50% to 14.50% p.a.
Overdraft facility is a running loan account grated to finance variable working capital requirement of businesses. The borrower shall be allowed to overdraw his/her current account with prescribed limit and stipulated time period offered by the competent authority. The borrower can deposit any amount in this account. Thus, the balance will be fluctuating due to withdrawal and repayment of money by the borrower. Overdraft will generally be granted to the businessmen for the fulfillment of their short - term credit needs not exceeding 1 year tenure.
Competitive interest rate on Overdraft: 13% to 15% p.a.
Features and Benefits:
- Financing 70% of the working capital requirement
- Tenure: 1 year
- Renewable based on the transactions, repayment and requirement of the client
- Counseling to help better financing by our Relationship Managers throughout the process
- Loan processing fee: 1.50% of the loan amount
Import Credit: Trust Receipt (TR) Loans
TR loan is a short period loan booked to make payment for goods ordered by issuing LC through Global IME Bank Limited. Trust Receipt Loan is associated with import Letter of Credit only. This is an arrangement under which credit is allowed against trust receipts and imported goods remain in the custody of the importer. The borrower has to execute a trust receipt in favor of the bank declaring that he holds goods imported with the Bank's credit in trust of the bank. TR is extended up to the maximum tenor of 120 days.
Competitive interest rate on Trust Receipt Loan/Packing Credit: 11.50% to 12.50% p.a.
Export Credit: Pre Shipment and Post Shipment Credit
Pre-shipment credits are usually required by exporters to purchase and procure raw materials, process and manufacture export goods, pack the goods for export, pay for transporting goods to the sea ports/airports for export, pay the freight, insurance and export duty, if any. Pre-shipment credits are usually liquidated by negotiating bills or by the post-shipment credit.
Pre-shipment credit will be granted to the exporter on the basis of a confirmed letter of credit against a firm export order.
The Bank will extend post-shipment credit through purchase/discount of export bills or by way of advance against such bills.
Demand loan is provided in a lump sum or repayable either in fixed installments or in lump sum by assessing the working capital requirement of the borrower.
Global IME Bank offers both Revolving and Non-revolving Cash Credit to finance unique requirement of the businesses.
- Cash Credit - Revolving (CCR): Cash Credit - Revolving is similar to that of overdraft limit in nature but unlike in OD, a separate loan account will be maintained for loan limit implementation and is regulated by the drawing power within the offered limit. Revolving Cash Credit shall be provided against the pledge or hypothecation of stock - in - trade, goods, machinery, land, building etc.
- Cash Credit - Non - Revolving (CCNR): Cash Credit - Non - Revolving is basically a substitute to TR loan for financing the import of capital goods such as plant and machinery.
Pledge loan is provided basically for maintaining the stock of the trading items / goods under the speculation that the price of the commodity would increase in due course of time. Generally, the goods having seasonal nature like food - grains, sugar etc., are considered for the pledge loan. Under pledge loan, goods are kept under lock and key of the bank in the borrower's go - down for security of the loan. The goods will be released partially or fully as and when the sales deal is made and corresponding amount of loan outstanding is settled. Global IME Bank offers pledge loan and finance up to 70% of the cost price of goods/ commodity under pledge.
General Documents Required
- Article & Memorandum of association/partnership deed
- Registration certificate
- Tax clearance certificate/PAN Card /VAT Registration certificate
- Joint Venture Agreement (Wherever applicable)
- Resolution of partners/Board of Directors for availing banking facilities, authorization for loan operation, authorization to mortgage company’s/Institution assets, provide undertaking, provide corporate guarantee
- Copy of citizenship certificate of major shareholders.
- Title Deed (Lalpurja)
- Blue print of cadastral map (Napi Naksa)
- Recent land tax payment receipt from malpot office (Tiro tireko rashid)
- Wealth tax payment receipt of the borrower
- Copy of property transfer deed
- Certificate from municipality stating the name of land owners of four Corners along with kitta no. (Char-Killa Pramanit Gareko)
- Citizenship certificate of landlord
- Approved/Certified building drawing along with the approval (Naksha & Pass Certificate)
- “No objection Letter”(NOC) in case of collateral owned by third party (Manjurinama)
- NOC from legal hires of owner of the company/Institution mortgage of the property(ies)
- Relation certificate issued by local authority
- Any other documents are per the case required and stipulated by the bank
Refer to your nearest branches.
Download Business Loan Application form »