Global Trade Finance Ltd, FIMBank’s factoring flagship affiliate in the Indian sub-continent and India’s leading standalone factoring company, has launched a first-of-its-kind web-based “e-loans” sanctioning facility for Small Scale Industries exporters.

Under the facility termed SSIs – Sanction Your Own Loan, an SSI unit that meets the requisite eligibility criteria can obtain export factoring limit sanctioned almost instantaneously by just making an application on the GTF website www.gtfindia.com.

Factoring is a tailor-made package of services designed to secure debt collection and improve cash flow, offering a competitive edge in domestic and foreign markets.

Under the new facility, a registered SSI unit with an export relationship with an overseas buyer for at least one year can seek approval of limits from GTF against its sales to various overseas debtors through GTF’s web-based package.

Approval of requested limits is conveyed to the exporter almost instantaneously on submission of basic information pertaining to the SSI unit, details of factorable debtors, key financials, and so on, in the on-line application form. The application form is user-friendly and at the same time designed to obtain all relevant information on debtors, financials and basic Know Your Customer details.

Each SSI could be sanctioned a maximum export factoring limit of approx $500,000 on open account terms under the “e-loans” facility.