Asked by Andy Blackwell Uncategorized
What is a letter of credit facility?
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Out of different types of letters of credit what is revolving letter of credit?
A Revolving letter of Credit is issued by a financial agency to its clients and potential customers of the availability of credit facility offered. The letter contains the credit terms and conditions that are attractive to the clients and potential customers. It is one of the ways which a financial agency can generate income.
What does to complete a credit facility means?
What does to complete a credit facility means?" Answer: Credit facility means a facility for an individual or a group to fulfill his house hold, individual, basic, business requirements. Banks & DFIs are currently providing this facility to individual or group, where banks or DFIs provide credit on monthly basis repayment procedure inluding interest & service charges. This facility helps individual or group to fulfill them urgent requirements in a short time of period.
What are some types of letter of credit?
Documentary letter of credit, open letter of credit, confirmed letter of credit,unconfirmed letter of credit, revolving letter of credit, fixed letter of credit,transferable letter of credit,nontransferable letter of credit,revocable letter of credit,irrevocable letter of credit,back to back letter of credit.