Exports

Export Finance

The export finance scheme is intended to make short-term working capital finance available to exporters at internationally comparable interest rates.Exporters have the option of availing both pre-shipment and post-shipment finance in either in rupee or in foreign currency from ICICI Bank.As per regulations, no worthwhile export order should be denied packing credit from the banking sector. Packing credit is released in lump sum or in stages, as per the requirement for executing the orders/LC.

 

Post-shipment credit runs from the date of extending credit, after shipment of goods to the date of realisation of export proceeds. Post shipment credit may be provided as requested by the exporter for part or full value of the bills submitted

The ICICI Bank Edge

  1. Competitively priced
  2. Quick turnaround time

Pre-shipment Finance

ICICI Bank provides pre-shipment finance both in rupee as well as foreign currency at competitive rates. Pre-shipment/export packing credit is available to the exporters, for financing purchase, processing, manufacturing or packing of goods prior to shipment or working capital expenses for rendering of services on the basis of:

  • Letter of Credit opened in favor of the exporter or in favor of some other person, by an overseas buyer;
  • A confirmed and irrevocable order for the export of goods from India;
  • Any other evidence of an order or export from India having been placed on the exporter or some other person, unless lodgment of export order or Letter of Credit with the bank has been waived.

Export LC Advising

Any Letter of credit is forwarded to the beneficiary by the advising bank. The advising bank acts as a conduit between the issuing bank and the beneficiary. The advising bank ensures that the LC is apparently authentic, the international banks use test key arrangements with correspondent banks to ensure that messages used are secure.

 

The exporter benefits from timely receipt, expert advice and a wide international network of ICICI Bank.

Export LC Confirmation

Confirmation of LC constitutes an undertaking on part of the confirming bank to pay to the negotiating bank or the beneficiary without recourse if the documents are presented in accordance with the terms and conditions of the LC. This undertaking is in addition to the undertaking provided by the issuing bank.

 

The exporter can eliminate the credit risk, foreign bank risk and country risks from his export transaction once ICICI Bank add its confirmation to the Letter of Credit. The exporter is assured of payment, subject to non-discrepant documents, irrespective of non-payment by LC opening bank.

Export Bill Negotiation

ICICI Bank negotiates the export bills drawn under Letter of Credit, if the documents are found to be credit compliant in terms with the Letter of Credit conditions. ICICI Bank negotiates the bills at very competitive rates both in rupee as well as foreign currency with world-class service standards. Negotiation under LC is much simpler than availing regular working capital limits from a bank.

Purchase/Discounting of Export Bills

Against sanctioned credit limits, ICICI Bank can pay you the exporter the discounted value of the invoice, immediately up on shipment. ICICI Bank offers this service at competitive rates both in rupee as well as foreign currency and with world-class service standards.

Export Bill under Collection

Export bill collection means sending of export bills to overseas bank/buyer through his bank to collect payment under export bills. The exporter can eliminate multiple exporting hassles by availing documentary collection activities with ICICI Bank. The exporter stands to benefit from increased control over export receivables and have an efficient cash flow management.

e-Softex

e-SOFTEX as an application was conceived primarily to address the software exporters’ requirements of managing its banking processes in relation to export invoices, viz. softex management. This system leverages digitization to enable the exporters to manage its entire export invoice lifecycle. This is a first-of-its-kind product offering in the country for the IT segment.

 

The product has been created with critical inputs from IT companies across the spectrum. The application offers a unique remittance linking and e-FIRC facility where the exporter can upload and track all its remittances to get a comprehensive view of his realizations. Extensive reports and MIS can be accessed and downloaded for the ease of tracking. This service additionally provides quick regularization of softexs’ giving a seamless experience to the software exporters.

e-LC

This service allows the beneficiary to get a Single point access to the repository of all advised LCs in Trade Online. It further eliminates the need to get the physical LC confirmed from issuing bank for authenticity. The exporter gets near real time intimation to beneficiary once LC is transmitted & advised. Additionally SWIFT/SFMS message of LC can be viewed or downloaded as per requirement