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
|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|
|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 )