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 )
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