Supplier’s Credit relates to the credit extended for imports into India by overseas suppliers. It’s backed by a Letter of Credit and allows for extended payment terms to the importer along with low cost financing from ICICI Bank IBU GIFT City.

Reimbursement Financing is a structure wherein ICICI Bank IBU GIFT City acting in the capacity of a Reimbursing Bank finances the import transactions by paying at sight basis the reimbursement claim received from the nominated/negotiating bank, under the provisions of URR 725. The Overseas supplier is assured of payment upon presentation of credit complied documents.

To facilitate open account import for our corporate clients, ICICI Bank IBU GIFT City Branch offers Import Factoring as a facility to Indian importers. This is for obtaining short-term Working Capital financing for the goods/services purchased from overseas exporters under open account without/limited recourse to overseas exporter on assignment of receivables under the factoring agreements.

Exporters supplying goods or services through open account transaction to foreign buyers can sell their receivables at a discounted price to ICICI Bank who will in turn assign the accounts receivable to ICICI Bank IBU GIFT City (Import Factor), under the Factoring Agreement.