Product Features

Denominated in both local and foreign currency

Non Fund based facility

Must be secured by either cash or collateral unless covered under collateral management

Attracts fees and commission as per tariff

Maximum LC period of one year

No interest charged

Benefits

Quality of products and price guaranteed by an independent pre-shipment inspection company

Easy Access to other credit products like Pre Shipment Finance and structured Finance

Payment is guaranteed by both issuing and confirming bank as long as compliant documents are presented

Mitigates buyers/country risk and can allow multiple shipments

Ensures delivery is done within schedule and payment date is fixed

Requirements

Completed LC application form

Valid pro forma invoice from the seller or provider of the service.

Financial card

Contribution of 10% of invoice amount as part of security for Sight LC.

Insurance cover for shipment if not covered under invoice amount

Other requirements similar to Commercial/ Corporate loans

Possession of relevant trading/import business experience

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