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Corporate

 

Scheme

 

A Credit facility with built-in option for the borrowers to switch between foreign currency limits and rupee limits depending on prevailing environment. A tool to enhance treasury profitability of corporates.

Purpose

 

Working Capital or Demand Loan for acquisition of assets related to business.

Limit

 

Minimum sanctioned amount for the facility would be USD 100,000/- or its equivalent in INR.

Tenor

 

The facility is available for a period not exceeding 1 year. Can be renewed, if required.

Pricing / Interest & basis

 

When borrowings are in Foreign Currency, interest would be linked to LIBOR. In case of INR, it is linked to BOIBPLR. Rates of interest will be refixed on each switchover (conversion date).

Charges

 

Reasonable Charges

Conversion

 

Spot Notice (i.e. Notice of 2 foreign exchange working days) will be required to be given by the borrower to the Bank for switching either from USD to INR and vice versa.