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Rupee Export Credit (Pre-Shipment and Post-Shipment)
Bank of Baroda offers both pre and post shipment credit to the Indian exporters through Rupee Denominated Loans as well as foreign currency loans in India. Exporters having confirmed export orders or L/C from a recognized bank can avail the export credit facilities from BOB provided they satisfy the required credit norms. The details of the credit norms can be obtained from the nearest branch of the Bank. Rupee export credit is available for a maximum period of up to the operating cycle or 360 days from the date of disbursement whichever is earlier. The corporates, if required, can book forward contracts in respect of future export credit drawals.
Export Bill Rediscounting
Bank of Baroda offers financing of export by way of bill discounting of export bills to provide post shipment finance to the exporters at competitive international rate of interest. The export bills (both Sight and Usance) can be purchased/discounted provided they comply with the norms of the bank/RBI. All exporters are eligible to cover the bills drawn under L/C, non-credit bills under sanctioned limits under the bill discounting scheme.
Export Credit Foreign Currency
Pre-Shipment Credit in Foreign Currency (PCFC)
Bank of Baroda provides PCFC in the foreign currency to the exporters enabling them to fund their procurement, manufacturing/processing and packing requirements. These loans are available at very competitive international interest rates covering the cost of both domestic as well as import content of the exports. The PCFC can be availed in USD, Euro, GBP and Japanese Yen.
PCFC in foreign currency is available for a maximum period of up to the operating cycle or 360 days from the date of disbursement whichever is earlier similar to the case of Rupee facility.
The corporates/exporters having confirmed export orders or L/C are eligible for PCFC, provided they satisfy other credit norms of the bank.
The forward covers can be booked in respect of future PCFC drawals.
The PCFC drawals are also permitted in cross currency subject to exporter bearing the risk in currency fluctuations. The cross currency drawals are restricted to USD. In case, the export order is in a non-designated currency like Swiss Franc etc. PCFC will be given only in USD. For orders in Euro, Pound Sterling and JPY, PCFC can be availed in the respective currencies or USD at the choice of exporter.
PCFC is to be repaid with the proceeds of the export bill submitted after shipment.
In case of cancellation of export order, the PCFC can be closed by selling equivalent amount of foreign exchange at TT selling rate prevalent on the date of liquidation.
Export Bill Rediscounting
Bank of Baroda offers financing of export by way of bill discounting of export bills to provide post shipment finance to the exporters at competitive international rate of interest. This facility is available in 4 currencies i.e. USD, Pound Sterling, Euro and JPY.
The export bills (both Sight and Usance) can be purchased/discounted provided they comply with the norms of the bank/RBI.
All exporters are eligible to cover the bills drawn under L/C, non-credit bills under sanctioned limits under the bill discounting scheme.
Baroda Exporter Gold Card
Features of the Product
Who are Eligible
- All exporters, including those in small and medium sectors, with a good track record and credit worthiness depending on the credit rating done as per bank's norms.
- The account should be "Standard" continuously for three years and should not be in the caution list of ECGC or RBI.
- However, export firms making losses for the past three years or having overdue export bills in excess of 10% of the current years' turnover are not eligible for Gold Card.
- Based on the credit needs of the exporter, appropriate limits for both pre-shipment/post-shipment will be sanctioned for a period of three years subject to annual review of account.
- A stand-by limit up to 20% of the assessed limit may be made additionally granted for facilitating urgent credit needs for executing sudden orders.
- Norms for inventory may be relaxed in case of unanticipated export orders, taking into account the size and nature of the export order.
Rate of Interest
As per the banks’ norms applicable from time to time.
Concession in Charges
10% concession will be given to cardholders in commission and exchange.
The Gold Card will be issued for a period of three years and will be renewed for a further period of 3 years unless any adverse/irregularities are noticed.
Preference will be given for grant of PCFC.
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