ELIGIBILITY

1.     Exporters whose accounts have been classified as ‘Standard’ continuously for a period of three years and where :

 i)    not    i) not more than 5% of the bills in terms of number and 10% of the bills in terms of amount have remained unpaid in the previous years.
ii) after crystallization of the bills in the above cases the exporter has liquidated the resultant irregularity if any within a reasonable time.

 2.   A Gold Card under the Scheme is issued to all eligible exporters including those in the small and medium sectors who satisfy the laid down conditions. 

 3.  The scheme is not applicable to those exporters who are appearing in the ‘Caution List’ of ECGC or included in RBI’s willful defaulters’ list (promoter directors) or making losses for the past 3 years. Cases where the names appear in RBI’s defaulters’ list will be decided on case by case basis.

                FIXATION OF CREDIT LIMIT

a) The ‘in-principle’ limits will be sanctioned for a period of 3 years with a provision for automatic renewal subject to fulfilment of the terms and conditions of stipulated. Review/renewal of accounts every year will be done.

b) The PCFC requirements of the Gold Card holders and loans against FCNR(B) funds will be met by giving them priority over other borrowers.

c) The time frame for disposal of applications received for sanction of credit under the scheme is as follows :

For disposal of fresh applications - 25 days
Renewal of limits - 15 days
Sanction of adhoc limits - 07 days

d) A stand-by limit of not less than 20 per cent of the assessed limit will be additionally made available to facilitate urgent credit needs for executing sudden orders.
 

SERVICE CHARGES
The bank will charge 75% of the usual Processing Charges from the Gold Card Holders.
RATE OF INTEREST
As per annexure-I
TENURE
The Gold Card will be issued for a period of 3 years and will be automatically renewed for a further period of three years unless there are adverse features/irregularities in the account and in case of any misuse of the card or observance of any violation of the terms and conditions, the bank will have the right to recall the Card any time.

Annexure-I

Rate of Interest Under  Gold Card Scheme for Exporters