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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
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

Email: ibcovidresponse@indianbank.co.in

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 )