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IND COVID EMERGENCY CREDIT LINE (valid till 30-9-20 only)

IND COVID EMERGENCY CREDIT LINE (valid till 30-9-20 only)

Our Bank has introduced a temporary new product to meet the hardships faced by corporate and medium enterprise units in meeting temporary liquidity mismatches arising on account of COVID – 19. The brief of the product is as under

S.No Subject Details
1 To whom Existing Corporate and Medium Enterprise units in standard

category as per eligibility prescribed in the Bank guidelines.

2 Purpose To          meet          cash         flow         mismatches          due         to COVID 19.
3 Details        of Credit Eligible By way of Term Loan, calculated @10% (subject to a maximum of Rs. 100 lacs) of the Total fund based and non fund based Working capital limits.

 

This Term Loan along with Adhoc/Excess/standby line of Credit

/Gold Card limits should not exceed 25% of the existing WC (FB+NFB ) limits.

4 Validity This Loan facility is available till 30-09-20 only
5 Margin         &

Rate            of

Interest

Nil. 80% of the limit to be secured by Stocks and Book debts and the balance 20% can be clean.

ROI @ 1 yr MCLR

6 Tenor           & repayment Maximum 3 years tenor. Principal repayable in equal monthly installments after holiday period of 6 months /or bullet payment, based on cash flows.

Interest to be serviced then and there

7 Security Extension of existing security including personal guarantee

 

( Last modified on May 16, 2020 at 05:05:14 PM )