RWA / POF /BCL

Ready willing and able

Ready willing and able (RWA) is a document that a bank or a financial institution issues on the clients’ behalf. The document showcases the capability and intent (both financially and legally) for entering into the financial transactions. The RWA’s are also referred to as the bank comfort letters.

Proof of funds

Proof of funds is a bank statement or a document that demonstrates that a company or a person has the money to finalize the transaction. The purpose of the document is to ensure that the financial ability that is required for the transaction is legitimate and procurable. The document is mostly used for funding those projects that require a huge amount of money for investing, often for real estate transactions.

There is a possibility that proof of funds is used by certain people that might carry out financial scams. This makes it necessary to present with a proof of funds for investigating the other party thoroughly and performing diligence checks.

Bank Confirmation Letter (BCL)

Yield 4 Finance provides a bank confirmation letter (BCL) is a letter given by a bank or financial institution as a confirmation for a loan and also for a line of credit extended to a borrower. This letter acts as an official surety on behalf of a borrower that a person, organization, or company is eligible for borrowing a certain amount of funds for a specific purpose.

The bank confirmation letter provides assurance to a third party that the borrower has sufficient financial resources for completing a specific transaction like purchasing goods. Contact the trade finance experts to get the BCL today.

Issuance Procedure:

We need the following documents/ information for finalising the draft –

1. Filled in application form
2. Verbiage required in the instrument for SBLC & BG / Pro-Forma Invoice for DLC
3. Trade license of your company
4. Share Holders List
5. Passport copy of main applicant
6. Last Three years audited balance sheet
7. Last Six months latest bank statements

Step-wise

1. After acquiring all the above documents / information, we will select the issuing bank / financial institution and finalise the draft for your review.
2. Upon receiving the draft copy of the instrument, you must thoroughly review the draft for any corrections, additions or removal of information. Should there be any amendments, we can amend the draft accordingly to match your preferences. Once the draft is approved, you will need to send us a copy of the draft with sign and stamp on it as your approval.
3. We will raise the invoice for the agreed charges (charges include margin money, processing fee and professional charges) and you will make the remittance against the invoice.
4. Only after we receive the payment for the raised invoice, the Issuing Bank / Financial Institution will issue and relay the instrument through swift within 48-96 hours after remittance.
5. Simultaneously we will send you the issued copy through email for your reference and record.

Note:  The charges will depend on the value of the Financial Instrument, Tenure, Issuing Bank / Financial Institution.