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Procedure for Local Facility

Step 1

Execution of Mandate Letter/Non-Circumvention, Non-Disclosure Agreement between Astute and borrower.

Step 2

Submission of documents to Astute for review.

Step 3

Invoice for the payment of engagement fee after a suitable lender has been identified for the borrower. This should be issued as a post-dated cheque.

Step 4

Astute prepares Information Memorandum on behalf of the borrower to the lender.

Step 5

Astute submits the rest of the borrower's documents to the lender for further assessment and credit report.

Step 6

If the lender is a bank and the borrower has no account with the lender, the borrower ought to do so.

Step 7

If security is a landed property, the borrower must do a Search And Valuation Report.

Step 8

Issuance of offer letter by the lender with some pre-disbursement conditions depending on the type of loan.

Step 9

Borrower reviews offer and issues a letter either to accept the offer or not (offer letter includes, loan amount, interest rate, fees, repayment period, etc.).

Step 10

Payment of commitment fee by the borrower to the lender.

Step 11

After meeting pre – disbursement conditions, the lender issues a loan agreement to the borrower for review and execution by all parties involved.

Step 12

Disbursement of funds to borrowers account for the loan application.

Step 13

The broker/consultant shall present the cheque issued by the borrower for fee payment after two working days of receipt of the first tranche of the loan.

Step 14

Monitoring is to be done by the Relationship Manager to avoid diversification of funds and for successful repayment.

Step 15

A New/additional loan can be arranged after successful payments have been made during the period.

Procedure for Foreign Facility

Step 1

Execution of Mandate Letter/Non-Circumvention, Non-Disclosure Agreement between Astute and borrower

Step 2

Submission of documents to Astute for review

Step 3

Invoice for the payment of engagement fee after a suitable lender has been identified for the borrower. This can be issued as a post-dated cheque

Step 4

Astute prepares Information Memorandum on behalf of the borrower to the lender

Step 5

Astute submits the rest of the borrower's documents to the lender for further assessment and credit report

Step 6

The lender's issuance of Term Sheet based on documents provided above (This includes lender, loan amount, interest rate, fees, repayment period, type of security, etc.)

Step 7

Lender confirms the type of security/guarantee from an acceptable institution (Bank Guarantee, LC, Insurance Guarantee etc.)

Step 8

Further due diligence is to be conducted on the borrower; this depends on the type of loan

Step 9

Issuance of offer letter by the lender with some pre-disbursement conditions depending on the type of loan

Step 10

Borrower reviews the offer and issues a letter either to accept the offer or not

Step 11

Borrower meets pre – disbursement conditions

Step 12

Payment of commitment fee by the borrower to the lender or to be deducted at source

Step 13

After meeting pre – disbursement conditions, the lender issues a loan agreement to the borrower for review and execution by all parties involved

Step 14

Issuance of guarantee to the lender by borrower's guarantor

Step 15

Upon receipt of the borrower's guarantor, disbursement of funds is made to the borrower account for the loan application

Step 16

The broker/consultant shall present the cheque issued by the borrower for fee payment after two working days of receipt of the first tranche of the loan

Step 17

Repayment is to be done by the borrower without default in the same currency at which the loan was disbursed

Step 18

A new/additional loan can be arranged after successful payments have been made during the period

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