Finance against Imported Merchandise
This is a short term loan extended to an importer for the retirement of the LC at Sight against pledge of imported merchandise. The validity of this finance is capped maximum upto 180 days and the customer is at a liberty, either to adjust it in lump sum or in tranches, within the validity of the finance period. The PAD is got adjusted through FIM and imported merchandise is stored in a warehouse under the custodianship of bank’s appointed guards. The customer deposits the required or desired amount at the bank’s counter and obtains delivery order of pledged goods there-against.