Hongkong and Shanghai business loans
Hongkong and Shanghai is on Recur Club's lender panel, writing domestic factoring, loan against securities, overdraft / cash credit and 4 other products.
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The screen your file has to clear
What is checked before anything else, and applies to every product below.
- Won't touch the entire pharma supply chain, businesses linked to components involving mass destruction, or project-linked businesses including EPC and central/state government project exposure
- HSBC will not do the deal - they need a minimum equity raise of $5m
- Company doesn't fit in the new programme parameters; old programme discontinued
- HSBC not willing to go lower on SD%
4 more ▾ ▴
- Won't touch the entire pharma supply chain, businesses linked to components involving mass destruction, or project-linked businesses including EPC and central/state government project exposure (×1
- latest )
- Recently evaluated and passed on: Flip Spaces (architecture), Wicked Good (Orius Ventures), Elminto Foods (raised ₹55cr), and Foxtale (sanctioned ≈₹7-8cr for a $5mn raise but not disbursed) (×1
- latest )
- Keen on Agri companies since they can get guarantees from DFIs
- With smaller companies, tries to start with a higher margin/pricing
- Ideally prefers being the first banker in, or backing IPO-bound companies
- Open to looking at Pune-based companies
14 more ▾ ▴
- Funds NBFCs very rarely, subject to a minimum credit rating check
- …more in playbook
- Keen on Agri companies since they can get guarantees from DFIs
- With smaller companies, tries to start with a higher margin/pricing
- Ideally prefers being the first banker in, or backing IPO-bound companies
- Open to looking at Pune-based companies
- Funds NBFCs very rarely, subject to a minimum credit rating check
- Can do performing credit, acquisition financing, cross-border, and real estate deals
- Largely sector-agnostic but stronger preference for manufacturing and services businesses, with limited exposure to pure trading entities
- Domestic trade-focused businesses not a core priority unless there's scope for structured banking solutions
- Trading clients expected to have a genuine import/export linkage, supported by global trade presence in 60+ countries
- Preferred sectors: agri & food processing, chemicals, textiles, automobiles & ancillaries
- Prefers borrowers to maintain multiple banking relationships
- Hard collateral preferred: residential, commercial and industrial property, or debt mutual funds, fixed deposits and charge on current accounts
- Borrower: CIBIL ≥650
- age ≥2y (bank guarantee, domestic factoring, dropline overdraft, export financing, import factoring, letter of credit, overdraft / cash credit, purchase invoice discounting, sales invoice discounting, vendor financing, working capital demand loan)
- age ≥3y (cgtmsme overdraft cash credit, cgtmsme term loan, cgtmsme working capital demand loan)
- avoid: Financial Services (varies by product)
- Karnataka (varies by product)
- Private Limited, Public, Sole proprietorship, Limited Liability Partner (varies by product)
22 more ▾ ▴
- Financials: TOL/adjusted tangible net worth ≤4
- debt/EBITDA ≤3
- debt/networth ≤3
- DSCR ≥1
- maximum networth: 1000 (cgtmsme overdraft cash credit, cgtmsme term loan, cgtmsme working capital demand loan only)
- rev ≥₹10cr (cgtmsme overdraft cash credit, cgtmsme term loan, cgtmsme working capital demand loan only)
- networth ≥₹1cr (cgtmsme overdraft cash credit, cgtmsme term loan, cgtmsme working capital demand loan only)
- maximum annualrevenue: 100 (cgtmsme overdraft cash credit, cgtmsme term loan, cgtmsme working capital demand loan only)
- Deal: rate 7–16% (range across products — see matrix)
- ticket ₹2–200cr (range across products — see matrix)
- tenure 12–180mo (range across products — see matrix)
- Security (observed): 1st/pari-passu charge on current assets (100%)
- Personal Guarantee Of Promoters / Directors / Property Owner (86%)
- FD margin 20–30% (57%)
- median ticket ₹10cr
- median rate 12%
- median turnaround -19710d
- Security asked in : 1st/pari-passu charge on current assets (×3), Personal Guarantee Of Promoters/Directors (×3), Escrow Of Cashflows (×2), Fixed Deposit <5% (×2)
- Security asked in : 1st/pari-passu charge on current assets (×11), Personal Guarantee Of Promoters/Directors (×6), Movable Fixed Assets/Plant & Machinery - Pari Passu First Charge (×3), FD margin 20–30% (×3)
- Security asked in 2026: 1st/pari-passu charge on current assets (×7), Personal Guarantee Of Promoters / Directors / Property Owner (×6), FD margin 20–30% (×4), Movable Fixed Assets/Plant & Machinery - Pari Passu First Charge (×3)
- share → in-principle approval (initial interest): ≈0d
- in-principle approval → sanction (underwriting): ≈127d
What Hongkong and Shanghai lends, and on what terms
What has actually been offered on live transactions, not brochure numbers. Treat them as the band you are likely to be quoted inside, not a promise. Open a row for that product's credit box.
| Product | Ticket | Pricing | Tenure |
|---|
Also offered, with no terms observed yet: Working Capital Demand Loan, Domestic Factoring, Loan Against Securities, Overdraft / Cash Credit, Purchase Invoice Discounting, Sales Invoice Discounting, Secured Term Loan.
What a sanction from Hongkong and Shanghai actually looks like
Reconstructed from real sanction letters. Small samples, so read them as observed rather than as a rule.
Specimen sanction
Representative of the median file. Your actual terms will move with rating, security cover and relationship.
How often each clause appears
Share of the 9 sanction letters carrying the clause.
What they will ask you to pledge
Counted across the sanction letters read. A combination is normal, and most files carry more than one.
- Current Assets3 letters
- Residential Property2 letters
- Movable Fixed Assets2 letters
- Immovable fixed assets1 letters
- Stock and properties1 letters
- Plant & Machinery1 letters
- Current Assets ×3, Residential Property ×2, Movable Fixed Assets ×2, Immovable fixed assets ×1, Stock and properties ×1, Plant & Machinery ×1
What borrowers ask about Hongkong and Shanghai
- What does Hongkong and Shanghai lend?
- Hongkong and Shanghai writes domestic factoring, loan against securities, overdraft / cash credit, purchase invoice discounting, sales invoice discounting, secured term loan and 1 further products.
- What are Hongkong and Shanghai's eligibility criteria?
- The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.
- Who does Hongkong and Shanghai not fund?
- Won't touch the entire pharma supply chain, businesses linked to components involving mass destruction, or project-linked businesses including EPC and central/state government project exposure Sector and structure exclusions are listed in full on this page.
- What security does Hongkong and Shanghai ask for?
- Observed across sanctions: 1st/pari-passu charge on current assets (100%) · Personal Guarantee Of Promoters / Directors / Property Owner (86%) · FD margin 20–30% (57%).
- What documents does Hongkong and Shanghai ask for?
- Most often audited financials, bank statements, debt schedule / sanction letters, mis, other. Having these ready before the first call is what shortens the turnaround.
Next steps after Hongkong and Shanghai
Answer a short set of questions and see which lenders on the panel your file clears, on each one's own recorded criteria.
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See whether Hongkong and Shanghai is the right lender for you
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Check my matchLast updated
Lender intelligence dossier - screening gates, per-product terms and sanction observations, derived from lender policy documents and observed transactions. Figures are observed from a sample and are not an offer, a commitment, or a statement of Hongkong and Shanghai's current policy. Terms are set by the lender at the time of sanction.