International Schemes > Imports
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Import Letters Of Credit
Import Letter of Credit (LC) is a crucial tool in international trade, streamlining transactions between importers and exporters while ensuring payment security. It provides a reliable framework for importers to procure goods or services from overseas suppliers. At Union Bank of India, we recognize the pivotal role Import LCs play in global and provide comprehensive solutions including Import Letters of Credit to meet the diverse needs of importers.
Trade Credit
Buyer’s credit is a short-term working capital trade credit loan extended to an importer by an overseas lender such as a bank or financial institutions in International Financial Services Centres (IFSCs) located in India as well as overseas to finance, for the goods they are importing. The overseas bank usually lends the importer based on a bank guarantee issued by importer’s Bank.
We issue guarantees** for availing of buyers credit or arrange buyer’s credit through our overseas branches at a very competitive interest rates, as prescribed in trade credit under ECB framework, for imports of capital/non-capital goods permissible under the Foreign Trade Policy of the Government of India.
Foreign Bank Guarantees
A guarantee is an independent, documentary undertaking by which a bank (or other legally qualified entity) (the guarantor), issues, at the request of its customer (the instructing party), its irrevocable guarantee to pay a sum of money to a third party, (the beneficiary), provided a complying demand/document(s) is presented. In the dynamic landscape of international trade, ensuring trust and reliability between parties is paramount. Foreign Bank Guarantees stands as pillars of assurance, offering a robust framework for secure cross-border transactions. Bank guarantees play a vital role in international trade and other business transactions. They are used in almost every phase of the transaction between the buyer and the seller.
At Union Bank Of India, we understand the complexities of global commerce and are committed to offer Foreign Bank Guarantee solutions that empower businesses to thrive in the global marketplace, subject to the ICC Uniform Rules for Demand Guarantees, ICC Publication No. 758 (URDG 758).
Import Bill Collections
Import Bill Collections are vital components of international trade, facilitating the smooth flow of payments between importers and exporters. These collections ensure that importers fulfil their financial obligations promptly and securely.
At Union Bank of India, we handle the Import Bills sent on Collection basis and ensure transactions are processed on time.