Labour Export Loan
Financing visa and other related fee for the workers going to foreign countries and arranging Air Ticket.
Target group: Recruitment Companies/Consultants for work abroad jointly with the worker going abroad.
Facility type: Short term loan.
Limit. Max 90% of the cost of air ticket and Visa fee within our single borrower exposure limit.
Tenor. Max 12 Months.
Rate of Interest. Flat 3% Interest per month or its part.
Repayment. Monthly instalments.
- Post dated cheques from Recruitment Agency.
- Personal Guarantee by the Director/s of the Company.
Collateral security. Charge on personal assets of the borrower/parents.
- National ID/ Passport of the worker.
- Copy of Visa/Work Permit.
- 2 Recent Passport size photographs of worker going abroad.
- Copy of offer letter for going abroad.
- Board Resolution from the Corporate Client for opening deposit/loan account/s with us and Power of Attorney granted to its managers, officers and/or employees to transact on the account.
- KYC Documents and photographs of the Directors/signatories. Work Permit/s if Foreigners.
- Certified copies of Certificate of incorporation, Memorandum & Articles of Association, Form 20, Form 7, Form 18 (for address of the company).
- Demand Promissory Note.
- Loan Agreement.
- Personal Guarantee executed by Director/s and parent/s of the borrower.
1% of the loan amount.
A penalty of 1% of defaulted amount per month or its part.
2% Life Insurance of Borrower is desirable.
Administrative charges. 1% of the loan amount.