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IND-MSE COVID EMERGENCY LOAN

IND-MSE COVID EMERGENCY LOAN

Parameter Norms
Applicability All Micro & Small Borrowers of our Branch who are having Working capital limits / composite loan limit with us
Eligibility The account should be in “Standard Category” but not in SMA category i.e., accounts not in default.
Purpose To meet the temporary liquidity mismatch due to outbreak of
COVID-19 disease
Loan amount 10% of Working capital limit subject to a maximum of Rs. 50 lakhs
Rate of Interest 8.75% Fixed
Repayment Period Maximum 36 months for Loans upto Rs. 25 lakhs &
Maximum 60 months for Loans above Rs. 25 lakhs
Moratorium Period Maximum 6 months;
Interest charged during moratorium period can be paid along with EMIs after moratorium period.
Processing & other charges NIL
Security Existing securities to be extended for this loan.
CGTMSE  CGTMSE coverage wherever eligible
Validity Scheme is valid upto 30.09.2020
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 MSE COVID EMERGENCY LOAN

( Last modified on May 16, 2020 at 05:05:47 PM )