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Dual Currency Swing Limit
A Credit facility with built-in option for the borrowers to switch between foreign currency limits and rupee limits depending on prevailing environment. A tool to enhance treasury profitability of corporates.
Working Capital or Demand Loan for acquisition of assets related to business.
Minimum sanctioned amount for the facility would be USD 100,000/- or its equivalent in INR.
The facility is available for a period not exceeding 1 year. Can be renewed, if required.
Pricing / Interest & basis
When borrowings are in Foreign Currency, interest would be linked to LIBOR. In case of INR, it is linked to BOIBPLR.
Rates of interest will be refixed on each switchover (conversion date).
Reasonable Charges
Spot Notice (i.e. Notice of 2 foreign exchange working days) will be required to be given by the borrower to the Bank for switching either from USD to INR and vice versa.
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Dual Currency Swing Limit