IND COVID EMERGENCY CREDIT LINE
IND COVID EMERGENCY CREDIT LINE
IND COVID EMERGENCY CREDIT LINE
| Parameter | Details |
| Applicability | All existing Corporate Borrowers and Medium Enterprises facing disruptions in cash flow due to the impact of COVID 19 |
| Purpose | To meet the cash flow mismatches being faced by our existing borrowers whose operations are affected due to COVID 19. |
| Eligibility | All existing standard accounts which have not been classified as SMA 1 or 2 as on date of sanction are eligible. |
| Validity | Upto 30.09.2020 |
| Nature of Facility | Term loan |
| Loan Amount | Minimum : Need Based |
| Maximum : 10% of existing fund based and Non fund based working capital limits, subject to a maximum of Rs. 100 Crores. | |
| In case of Borrowers who have been sanctioned Adhoc/ Excess/ Standby line of Credit/ Gold Card Limits, the total of such limits including exposure in the proposed scheme should not exceed 25% of the Total FB & NFB WC Exposure. | |
| The Limit will be over and above the MPBF. | |
| Margin | NIL. However 80% of proposed limits should be backed by the value of stocks and receivables and 20% can be on clean basis. In case of need, additional cover period of 3 months to be allowed in respect of receivables over and above presently allowed period till closure of the facility. |
| Rate of Interest | 1 YEAR MCLR |
| Processing & Other Charges | NIL |
| Repayment | Maximum 36 Months |
| Repayment in equal monthly installments after a moratorium of upto 6 months from the date of disbursement of the loan or bullet repayment depending on the availability of cash flows | |
| Interest to be serviced as and when charged. | |
| Security | Extension of charge on the primary and collateral security(present and future) |
| Existing Personal Guarantee to be extended for this facility. | |
| In case of facility being under consortium /MBA a time period of 90 days may be allowed for obtaining NOC for ceding of first paripassu charge from other member banks under consortium/MBA. | |
| ROC formalities to be completed as per extant guidelines. | |
| Other details |
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| Acceptable Mode of Submission of Request for Credit facility | By E Mail / In-Person to the Branch |
| Documents required | Duly filled in Application form |
| Helpline Numbers & Email ID for queries, facilitations and Grievances. | Mobile: +917305898976 / +918745984800 |
| Timeline for appraisal, sanction, documentation / disbursement | Within 6 working days from the date of receipt of application by Branch. |
| Frequently Asked Questions (FAQs) | FAQs about IND COVID EMERGENCY CREDIT LINE |
( Last modified on Apr 29, 2020 at 08:04:37 PM )
