Premier SME Factoring Finance

Product features

Premier SME Factoring Finance is provided to meet up working capital requirement of the supplier/Contractors by purchasing the account receivables for supply of Raw-Materials /Finished Goods or Services to the renowned institutional buyer/ Debtors etc.

Repayment

Validity of the total loan limit will be I (one) year or validity of the agreement between supplier (applicant) & renowned institutional buyer/debtor whichever is lower, Extension may be allowed subject to the request letter from the respective awarding authority.

What will need to apply

• Minimum 3(three) month account relationship with The Premier Bank Ltd. before availing the SME Factoring Finance/Banking with other banks at least for 6 (six) month
• Written Request in customer business pad to avail the facility
• Valid Trade License
• Valid Agreement between supplier (applicant) & renowned institutional buyer/ debtor.
• An introductory letter from the institutional buyer/debtor addressed to the bank acknowledging the client as an authorized supplier and agreeing to directly pay the bank on assignment of invoice/ bill on due dates & Authorized person(s) Specimen Signature.
• A receivable/ invoice/ bill acceptance by the authorized person of the institutional buyer/debtor.
• Assignment of the bills as per accepted receivable/ invoice/ bill by the institutional buyer/debtor.
• ETIN
• VAT Certificate (if any)
• PP size Photograph of the Proprietor/Partner/Director(s)
• Copy of National ID/ Passport/ Driving License of the Borrower(s) & Guarantor(s)
• Other Related Documents regarding the nature of business as per Law of the Land