Short Term Finance, up to 360 days** Short Term Finance to Indian Importers to facilitate import of raw materials, machinery etc. The credit is extended in USD and other major convertible currencies against Letters of Understanding from Domestic Branches of SBI/Branches of First Class Banks in India.
Benefits of availing this facility with us:
- SBI Bahrain is in an extremely convenient time zone and location, which enables us to do real time transactions with our clients correspondents spread across the globe. In fact as we are around 21/2 hours behind IST, we are open even after Indian Banks close for the day.
- Minimum processing time.
How to avail this facility:
- The LOU issuing Bank/ Applicant request for a Quote in the attached application form .
- The LOU issuing Bank/Branch should send authenticated SWIFT in the attached format (Annexure I)
- The LOU issuing Bank/Branch should send authenticated SWIFT in the attached format (Annexure II/Annexure III)* (Acknowledgement of debt), after having availed the facility.
The above, as also necessary RBI permission, wherever required.
*Annexure II for SBI, Annexure III for other Banks
**From Bill of Lading Date