Is BIG LOANS a bank or NBFC?

No. BIG LOANS is a debt advisory and loan facilitation firm. We are not an RBI-regulated lender and do not lend on our own balance sheet.

What is the minimum and maximum ticket size BIG LOANS handles?

Our focus is ₹100 crore and above. We routinely arrange transactions up to several thousand crore through syndication.

Which industries does BIG LOANS serve?

BIG LOANS is industry-agnostic across manufacturing, real estate, infrastructure, healthcare, energy, IT/ITES, hospitality, NBFC, fintech and more.

What is the typical timeline from mandate to disbursement?

Typically 6–12 weeks for working capital, 10–16 weeks for term loans, and 12–24 weeks for syndicated project finance.

How does BIG LOANS charge its fees?

A modest engagement retainer plus a success fee linked to actual disbursement, governed by a written engagement letter.

Does BIG LOANS guarantee loan sanction?

No. Sanction is the sole prerogative of the regulated lender, based on its credit policy.

Service · ECB & FX Debt

ECB & FX debt, capital across borders.

External Commercial Borrowing from foreign banks, bond markets, and parent / group companies abroad. USD, EUR, GBP and JPY tranches under FEMA automatic and approval routes. Pricing typically 250-400 bps below equivalent rupee debt for natural-hedge borrowers.

Ticket: USD 50M – 750MTenor: 3 – 10 yearsPricing: SOFR + spread

Discuss your mandate → See the process

What is External Commercial Borrowing (ECB)?

External Commercial Borrowing (ECB) is debt raised by an Indian entity from a non-resident lender (foreign bank, bond market, parent company abroad, etc.), denominated in foreign currency (USD, EUR, GBP, JPY, etc.). Indian ECB is regulated under FEMA and RBI's Master Direction on ECB. Two routes exist: Automatic Route (no RBI approval needed, must meet form/limits prescribed) and Approval Route (case-by-case RBI sanction). ECBs typically run 3-10 years, are benchmarked to SOFR/EURIBOR + spread, and cap at USD 750M per borrower per financial year under the automatic route.

Section 01 — Overview

Foreign capital, FEMA-compliant structure.

For Indian borrowers with USD revenues (exporters, IT/ITES, pharma exporters), ECB is structurally cheaper than rupee debt — sometimes 250-400 bps cheaper, and matched to natural FX inflow. For borrowers without natural hedge, FX hedging cost (typically 200-350 bps p.a.) narrows but rarely closes that gap entirely.

BIG LOANS structures and places ECBs from foreign banks (in Singapore, Hong Kong, Dubai, London), bond markets (Reg-S, 144A, masala bonds), and parent / group companies (for FDI-classified Indian subsidiaries). We coordinate FEMA compliance, Loan Registration Number (LRN), and ongoing reporting (ECB-2 returns).

Currencies: USD, EUR, GBP, JPY, CHF, freely convertible
Pricing: SOFR / EURIBOR / JPY-LIBOR + spread, all-in cost capped per FEMA
Tenor: minimum 3 years (Automatic Route), no max (subject to all-in cost cap)
End-use: capex, refinance of existing ECB / rupee debt, working capital with conditions
FEMA compliance: LRN from authorised dealer bank, ECB-2 returns, end-use certificate

Typical ticket

USD 50M – 750M

Min tenor

3 years (auto)

Currencies

USD, EUR, GBP, JPY

Pricing

SOFR + 100–400 bps

All-in cost cap

SOFR + 500 bps

Timeline

10 – 18 weeks

Section 02 — Use cases

When ECB makes economic sense.

Six common situations where Indian borrowers approach BIG LOANS for ECB.

Capex by exporter / IT-ITES

Indian IT-services firm with 70% USD revenue funds USD capex via ECB — natural hedge matches debt service to inflow.

Pharma exporter

API/formulation exporters with 50%+ USD revenue refinance rupee term loans into USD ECB at 300 bps lower pricing.

Cross-border acquisition

Indian acquirer of foreign target funds the deal via ECB raised by Indian parent + downstream investment.

Refinance of foreign-currency debt

Existing FCY debt refinanced into longer-tenor ECB at lower spread. Often combined with rate / currency hedge.

Parent-company ECB to Indian subsidiary

Foreign MNC parent lends to Indian subsidiary under ECB Automatic Route — cheaper than third-party lenders, with FEMA-prescribed all-in cost cap.

Bond market access

Larger borrowers (₹2,000 Cr+) issue Reg-S / 144A bonds in USD, listed on Singapore Exchange or London. Provides longer tenor and broader investor base.

Section 03 — At a glance

ECB routes compared.

Feature	Automatic Route	Approval Route
RBI approval	Not required	Case-by-case
Min tenor	3 years	Flexible (subject to RBI)
Max ticket per FY	USD 750M	No specific cap
Eligible borrowers	Per RBI list	Broader (RBI discretion)
All-in cost cap	SOFR + 500 bps	Negotiated with RBI
Timeline	10 – 14 weeks	14 – 24 weeks

ECB flows from foreign lender to Indian borrower under FEMA-regulated automatic or approval routes.

Section 04 — Our process

How ECB closes.

Typical 10 – 18 weeks. Documentation is straightforward; the time-intensive parts are FEMA compliance, FX hedging strategy, and tax structuring.

Eligibility + structuring

Confirm ECB eligibility under Automatic Route. Pick currency, tenor, hedging strategy. Optimize for all-in cost.

Week 1 – 2

Lender shortlist

Foreign banks (StanChart, HSBC, DBS, MUFG, SMBC), or bond market arrangers. 3-5 banks pitched.

Week 2 – 5

Term sheet + credit approval

Lender credit committee approval (often involves bank's Indian + foreign office). Term sheet locked.

Week 5 – 9

Documentation + LRN

Loan agreement (English law typically), FEMA compliance, Loan Registration Number from authorised dealer bank.

Week 9 – 14

Hedging + drawdown

FX hedge layered on (forwards / cross-currency swaps), drawdown, ongoing ECB-2 returns to RBI.

Week 14 – 18

Section 05 — Documents

ECB documentation.

Standard borrower docs + FEMA-specific documentation. The bank coordinates RBI filings via the Authorised Dealer process.

Standard borrower docs

3 years audited financials, projections, MOA/AOA, board resolutions, KYC, group exposure, FX exposure summary.

FEMA + RBI compliance

Loan Registration Number application, end-use certificate, FC-GPR if equity-related, ECB-2 returns mechanism.

Hedging strategy doc

Currency hedge plan, instrument choice (forwards / NDFs / cross-currency swaps), mark-to-market reporting.

Lender-specific

English law loan agreement, lender's standard reps and warranties, security documents (if secured ECB).

Section 06 — Lender universe

Who lends ECB to Indian borrowers.

Foreign banks dominate ECB, with Asian (DBS, MUFG, SMBC), European (HSBC, StanChart), and US (Citi) banks most active. Bond markets for larger tickets.

01Asian Foreign Banks (DBS, OCBC, MUFG, SMBC, BTMU)

02European Foreign Banks (HSBC, StanChart, Deutsche, BNP)

03US Banks (Citi, JP Morgan — selective for top corporates)

04Multilateral Agencies (IFC, ADB, AIIB for ESG-linked)

05Bond Market Investors (via Reg-S / 144A)

06Parent / Group Company (intra-group ECB)

Section 07 — FAQ

ECB & FX debt — FAQs.

What is the difference between Automatic and Approval Routes?

Automatic Route: borrower meets RBI's prescribed conditions (eligible borrower category, tenor, all-in cost cap, end-use, ticket size up to USD 750M/year). No RBI approval needed; bank files LRN. Approval Route: case-by-case RBI sanction for transactions outside Automatic Route norms (longer tenor, different end-use, larger ticket).

What is the all-in cost cap?

RBI caps the maximum total cost of ECB at SOFR + 500 bps (for 3+ year tenors). "All-in" includes interest, lender fees, hedging cost (if RBI-mandated hedge), and incidental expenses. Goes up to SOFR + 550 bps for ECBs from foreign equity holders / group companies.

Is FX hedging mandatory?

Not always — but for borrowers without natural FX inflow, RBI may require mandatory hedging if borrower fits certain categories (e.g. infrastructure with rupee-only revenue). For others, hedging is optional but commercially essential to manage MTM risk.

Can ECB be used for working capital?

Yes — but only for working capital with at least 1 year of trade-credit usage, and limited to USD 200M per FY. End-use is restricted; ECB cannot be used for trading in capital markets, real estate (except certain affordable housing), or general corporate purposes.

What end-uses are NOT permitted?

ECB cannot be used for (a) on-lending to other entities, (b) real estate investment (except affordable housing), (c) capital market activities, (d) acquisition of shares in Indian companies (under Approval Route only in special cases), (e) repayment of rupee loans except specified categories.

When does masala bond make sense vs ECB?

Masala bonds are rupee-denominated bonds sold to foreign investors — borrower bears no FX risk (investor does). Best for borrowers without natural FX revenue. ECB is FX-denominated — borrower bears FX risk (or hedges it). Best for natural-hedge borrowers (exporters, IT-services).

Often combined with…

Considering foreign-currency debt?

Let's structure your ECB.

Share end-use and indicative ticket size. We respond with structure, hedging strategy and lender shortlist within one working day.

Discuss your mandate → mandates@bigloans.in

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