LOC in Banking Meaning

The LOC meaning in Banking terms is "Letter of Credit". There are 2 related meanings of the LOC Banking abbreviation.

LOC on Banking Full Forms

  1. Letter of Credit A financial document issued by a bank at the request of the consignee guaranteeing payment to the shipper for cargo, if certain terms and conditions are fulfilled, usually the receipt by the bank of certain documents within a given time. Normally it contains a brief description of the goods, documents required, a shipping date, and an expiration date after which payment will no longer be made. An Irrevocable Letter of Credit is one which obligates the issuing bank to pay the exporter when all terms and conditions of the letter of credit have been met. None of the terms and conditions may be changed without the consent of all parties to the letter of credit.
  2. Lines of Credit

Frequently Asked Questions (FAQ)

  1. What does LOC stand for Banking?

    LOC stands for Lines of Credit in Banking terms.

  2. What is the shortened form of Lines of Credit in Banking?

    The short form of "Lines of Credit" is LOC for Banking.

Citation

LOC in Banking. Acronym24.com. (2021, December 15). Retrieved March 28, 2024 from https://acronym24.com/loc-meaning-in-banking/

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