💳Standby Letters of Credit
At Euro Exim Bank Ltd., we structure and issue Standby Letters of Credit to support Client's trade transactions.
At Euro Exim Bank Ltd., we structure and issue Standby Letters of Credit to support Client's trade transactions.
Client will send us the Filled, Signed and Sealed SBLC application form (attached below) along with supporting documents like Copy of contract between Applicant and Beneficiary. We will prepare and send the draft of SBLC as per the application form and the underlying document requirement.
Client should conclude with their Beneficiary using the draft provided by us. Once the draft is concluded, Client should send us the following:
Final draft with their sign and seal;
Letter of Interest confirming acceptance for the draft and advising us to proceed further;
Their Bank statement evidencing the availability of funds to cover the issuing cost.
Upon receiving the above stated 3 documents, the standard Indemnity Documents to be signed by the individual directors/shareholders, Board resolution to be signed by all directors/shareholders, Bill of Exchange to be signed by the authorised signatory, source of funds to be signed by authorised signatory and application and agreement to be signed by the authorised signatory, all these will be provided to the Client. The Client has to submit the KYC documents as per the list we provide as a part of KYC and AML compliances. Also an eKYC declaration letter will be given to Client, which needs to signed and sealed and sent back to us. Once we receive the Signed eKYC declaration letter, we will issue an invoice of 1,500 USD for eKYC which client needs to pay. Upon receipt of this payment we will release a eKYC link to client
Client needs to submit all the signed and sealed filled up documents, on the eKYC link/portal shared by us after which our KYC and Compliance team will review the documents.
Our KYC & compliance team will confirm if the submitted documents are in order and if yes, we will issue an invoice to Applicant, from the Bank towards the issuing fees (which is non-refundable after issuance of the instrument to the beneficiary bank)
After Client transfers the issuance fees, within 7 - 10 banking days we will get the instrument issued and it will be delivered to the Supplier/Beneficiary bank.
End of transaction up to issuance.
Above described is the SBLC (Standby Letter of Credit) issuance process / procedure