Objective of the Scheme :
To offer export credit lines to eligible exporter with good track record at competitive terms and conditions with better and efficient services
All creditworthy exporters, including those in small and medium sectors, with good track record would be eligible and shall be covered under the scheme provided:
A) Their accounts are classified as "Standard" continuously for 3 immediate
proceeding years. Overall conduct of the account should be satisfactory.
B) Names of the Company/Firm and/or its Directors,Partners,Promoters do not figure in RBI's/CIBIL defaulter list / caution list and they have not been blacklisted by ECGC.
C) There are no overdue in export credit facility in our Bank as on the date of sanction of the facility.
D) They have not run up losses continuously for 3 immediately preceding years.
E) They do not have overdue exports bills in excess of 10 percent of the current year's turnover.
F) The minimum internal rating of the Borrower (Based on the latest available audited balance sheet)
Benefits to Exporter
A) Limits will be sanctioned in-principal for 3 years, with a provision for automatic renewal on yearly basis, subject to satisfactory operation and compliance with the terms and conditions of sanction stipulated by the Bank.
B) A standby limit not less than 20% of the assessed limit will be made available, at the request of the Borrower, to the Gold Card holders for meeting urgent credit needs for executing sudden orders. In the case of exporters of seasonal commodities, the peak and off-peak levels may be appropriately specified.
C) Request for Packing Credit in Foreign Currency (PCFC) from Gold Card holders will be given priority.
D) In case of unanticipated export order, norms for inventory, Such as holding level, margin etc., will be relaxed on case-by-case- basis taking into account the size and nature of the export order.
E) Service charges stipulated for Gold Card holders will be 25% lower than the charges recovered from the exporters.
F) Bank would consider waiver of collateral and exemption from ECGC guarantee schemes on the basis of card holder's creditworthiness and track record
G) The concession rate of interest in post-shipment rupee export credit applicable upto 90 days may be extended for maximum period up to 365 days.
The Gold Card will be issued for a period of 3 years with a provision of and will be automatically renewed for a further period of 3 years provided no adverse features, irregularities are noticed in the account. In case of any misuse of the card or observance of any violation of terms and conditions, the Bank shall have the right to recall the Card any time. The performance of the exporters to be reviewed on yearly basis to decide continuation/amendment/withdrawal of benefits to Gold Card Holder.
Sanction of Credit Limits:
Application of credit will be processed faster than for other exporters. The TAT, for the date of receipt of credit limit application along with the requisite information/documents, for processing under GOLD CARD Scheme is given below : Sanction of Fresh/enhanced credit limit 25 Days. Renewal of existing credit limits 15 Days. Sanction of ad-hoc credit facilities 7 Day.
For Simplified Documentation, please contact nearest branch of the Bank