So my mom and I are both overdrawn. My friend sent me $40 for cold meds but when I checked my account I was overdrawn by $20 (a recurring fee I hadn’t counted on had hit my account). My mother is overdrawn by $1,006 due to bank fees for charges still hitting our account. That’s her entire disability check right there. Mine is low enough I won’t get hit with fees (though I still can’t get my cold meds) but my mom is in deep trouble.

If anyone can help, even with just a few bucks, it would be a huge help. The lower I can get this the more money we’ll have to put towards our move.

P - https://www.paypal.com/paypalme/penaltywaltz

C - $afteriwake23

V - @penaltywaltz

@demberly had her internet cut off today. Her phone may be next if she can't pay her internet/phone/cable bill in four business days. If she can get her overdraft fees covered she should be able to pay the bill in time. Even covering $158 of the overdraft will give them a chance to get back on their feet.

A Letter of Credit

A letter of credit is a type of business loan, an important document that is a form of guaranteeing the buyer’s payment to the sellers. Generally, it is issued by the bank and ensures timely and full payment to the seller. In case the buyer defaults on the payment, then the bank covers the full or whichever remaining amount on behalf of the buyer.

A information about letter of credit is issued against a pledge of securities or cash. Banks typically collect a fee. For instance, percentage of the size or amount of the letter of credit.  

Parties to a Letter of Credit

Importer, which means an applicant requests the bank to issue the Letter of credit.

Thereafter, an importer bank (issuing bank which issues the LC also known as the opening banker of LC).

Types of a Letter of Credit

There are several types of letters of credit that are categorized into the following categories:

Sight Credit: Under this type of LC, documents are payable at the sight/upon presentation of the correct documentation. A businessman can present a bill of exchange to a lender along with a sight letter of credit and take the necessary funds right away. A sight letter of credit is more immediate than other forms of letters of credit.

Usance Bill:

The Bills of Exchange which are drawn and payable after a period, are called usance bills. Under acceptance credit, these usance bills are accepted upon presentation and eventually honoured on their respective due dates.

Bank Guarantee Charges

A Bank guarantee is a promise to bear all the losses of debtor by the bank if he/she fails to pay. There are several kinds of bank guarantees. Based on the type of the BG (Bank Guarantee) fees are charged on a quarterly basis on the What is Bank Guarantee Charges value of 0.75% or 0.50% during the BG validity period. Apart from this, the bank may also charge the application processing fee, documentation fee, and handling fee.

Banks do not charge an interest rate on BG and SLOC. Instead, the customer has to pay a commission or fee of the amount that is guaranteed. Apart from that there is a scheme called the bank guarantee charges reimbursement scheme related to bank guarantee charges.  

The Ministry of Micro, Small, and Medium Enterprises in collaboration with the National SC-ST Hub (NSSH) has launched the Bank Guarantee Charges Reimbursement Scheme. The Bank Guarantee Charges Reimbursement Scheme to provide financial assistance against the bank charges paid in obtaining Performance Bank Guarantees Charges (PBGC) for SC-ST owned Micro and Small Enterprises (MSEs).  

Loan Against Property Without Income Proof

A loan against property is a loan, if you own any property to use the market value of your property, in the emergency of fund needs, you can get a loan. There are certain requirements and documents to avail loan against property without income proof. You can check the eligibility criteria and documents required from the website of financeseva. Property for collateral and income proof is necessary for this process. Most lenders do not approve the loan without necessary documents and income proof is mandatory.

If you don’t have income proof and still you want to avail yourself of a loan against property, here we mentioned the following ways to get it.

Ways to Get a Loan Against Property Without Income Proof

1. Talk to the Lender’s Representative about your situation

Lenders hardly approve a loan against a property application without Income Tax Returns or income proof so you must disclose your income source. You must also disclose why you lack income proof. Be as transparent as possible because the lender’s representative will judge you based on the information you provide and how you provide it.

2. Maintain a High Amount of Savings

To convince the lender to approve your application without income proof, you must have a high amount of savings plus a decent monthly balance for repayment.

3. Select a Lower Loan to Value (LTV) Ratio

The loan to value ratio refers to the percentage of the loan against property market value that your lender offers as a loan amount. When you make high down payments and opt for a lower loan to value ratio, lenders are more likely to approve your loan application without income proof.

4. Apply with a Co-Applicant

Loan Against Property Land

loan against property (LAP) can be avail by anyone for your personal or business needs. Both residential and commercial properties can be mortgaged for availing a loan against property land. Banks and financial institutes provide loans at attractive interest rates. A loan against property is a simple solution to your financial needs. Lenders provide loans to anyone who owns any piece of land and uses collateral as security for loans. To get a smooth & hassle-free loan against property to both salaried and self-employed individuals, you can apply online for the loan. Nowadays, most lenders are providing their services online. The interest rate of loan against property is 11.10%, it may vary from lender to lender. Generally, loan sgainst property Eligibility Criteria depends on numerous factors like age of the individual, monthly salary or business income, total work experience & CIBIL (Credit Information Bureau India Limited) Score, etc. The required criteria are mostly common; some lenders may ask for some other condition for eligibility.

Features of the loan against property

Loan against land property or commercial properties for: Business Needs; Marriage, medical expenses, and other personal needs.

You can transfer your outstanding loan availed from another Bank / Financial Institution

You may pay your payments for the loan over a maximum term of 15 years.

Smaller EMIs (Equated Monthly Installment)

Attractive interest rates

Easy and hassle-free documentation

Documents Required for Business Loan

A business loan is an amount of capital that can be opted to invest in a new or an existing document required for business loan. It offers the flexibility to utilize the funds. These funds can be used for several purposes such as overall capital expenditure including purchase of equipment, plant and machinery, buying office space & hiring staff, consolidating debt and many more.  

The process of availing a business loan is not complicated anymore, there will be quick disbursal and easy to apply.

The borrower is required to submit some documents while applying for a business loan. Listed below are the common documents.

While applying for a business loan, you need to submit certain documents to support your application. Some of the common required documents are listed below: -

Application Form- The applicant needs to fill out the application with required information and affix a passport sized photograph.

Proof of Identity- Aadhaar Card/PAN Card/Voter ID/Passport/Driving License

Proof of Address- PAN Card/Ration Card/Telephone Bill/Lease Agreement or Utility Bill

Proof of Age- Passport/PAN Card/Voter ID

Business Establishment- Certification of Registration, MOA/AOA and Copy of Board Resolution.

Financial Documents-

Financial documents for the previous 2 years

Bank statement of a minimum of at least 6 months.

Letter of Credit

A Letter of Credit is a document that guarantees the buyer’s payment to the sellers.  If the buyer is not able to pay, in that case, the bank covers full and the remaining amount on behalf of the buyer. It is issued by a bank to ensure timely and full payment to the seller. A letter of credit is issued against a pledge of securities or cash.

LC benefit for an importer - a letter of credit ensures your company pays for goods after the supplier has provided evidence for the shipped goods. The letter of credit gives you credibility with an exporter.

LC benefit for an exporter- the letter of credit is used as insurance in case the buyer fails to pay for the goods you shipped. In that case, the bank or the financial institution will cover the outstanding amount. The letter of credit also protects you against legal risks since you are ensured payment if delivery conditions have been met.

LC Discounting Eligibility Criteria

LC Discounting Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant & residency, etc.

Age Limit of an Individual – minimum 22 years and maximum 65 years of age

A Good financial statement

A Credit score of 750 and above

Must be a citizen of India

Required Documents

Photographs - 2

Copy of Pan card  

Aadhar Card + Passport

Address proof if rented also required permanent address proof

Last 3 years form -16, ITR with computation of income if file

Last 1 year bank statement - salary account

Loan schedule & sanction letter (if running)

Complete property papers with chain & map +ats