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COIMBATORE, Jan. 25

SBI Factors has extended its product range to include purchase bill factoring, letter of credit (LC) bill discounting and factoring backed by bank guarantee. Besides, the company is also planning to introduce factoring `without recourse'.

Explaining the advantages of the purchase bill factoring product, the Assistant General Manager of the Coimbatore branch of SBI Factors, Mr S.V. Narayanan, told Business Line that the facility would enable industries to make immediate payments on credit purchases and help them bargain for the best rate and quality.

He said the company would also be willing to factor the invoices on `without recourse' basis in case the customer obtained bank guarantees from the dealers, as was the practice in industries such as fertiliser and animal feeds.

SBI Factors, he said, had linked up its collections with SBI-Fast (cash management product of SBI), providing fast collection facility across 150 centres for a nominal fee. The collection facility was, however, being offered free for clients if the cheques were drawn on any of the places where the company had established its branch.

The company has set up branches in Mumbai, Pune, Delhi, Vadodara and Coimbatore. The Coimbatore branch extends services to industries located in Bangalore, Kochi, Ranipet, Dindigul, Rajapalayam, Virudhunagar, Sivakasi, Pondicherry and Karur.

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