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Pre-shipment credit is any loan or advance granted or any other credit provided by the bank to an exporter. This is for the purpose of financing the purchase, processing, manufacturing or packing of goods prior to shipment. Pre-Shipment Credit in Foreign Currency (PCFC) is provided by a bank to an exporter for financing purchase, processing, manufacturing or packing of goods before shipment. PCFC’s main aim is to provide access of credit to exporters at an internationally competitive rate. PCFC is provided to an exporter based on the Letter of Credit that is issued in the name of exporter, by an overseas importer through his bank. In RBI terms any form of evidence of an order for the shipping from the country stating that an order has been places from the exporter or specific person is accepted as Letter of Credit by a bank.
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