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What are the formalities needed for packing credit ?

Once the regular export credit limit is sanctioned, the exporter is required to submit the following documents to the bank at the time of disbursal of packing credit loan:

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1. Export credit Agreement

2. Hypothecation/ Pledge agreement

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3. Corporate/individual guarantees from company/firm/partners/directors/sureties etc.

4. Insurance policy to cover the stocks etc.

5. Necessary undertakings (e.g., for payment of insurance Premium, non-encumbrance of stocks, Payment of ECGC premium, Waiver of interest change notice, etc.)

6. Formalities connected with registration of charges were necessary.

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7. Other documents as specified by the bank in the sanction letter.

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