India’s Public Sector Bank on Thursday announced five special emergency loans for its clients, including businesses, self-help groups, retail borrowers and retirees.
The five special emergency loans – the IND-COVID emergency line of credit for businesses, the IND-MSE COVID emergency loan for micro, small and medium-sized enterprises, SHG-COVID (SAHAYA loan) for self-help groups, the IND-COVID emergency wage loan for retail borrowers and an emergency retirement loan for retirees, the city’s bank said in a press release.
âIn these difficult times, Indian Bank is committed to standing by its customers. We hope that these lines of credit will meet the immediate liquidity needs of businesses, âsaid Padmaja Chunduru, Managing Director of Indian Bank.
âSHGs have always been an important part of our business and with our initiatives we make sure that the group receives all the support desired for financial independence,â she said.
âWe have made these loans repayable over a longer period, business is back on track,â said Chunduru, who is also the bank’s CEO.
The IND-COVID emergency line of credit would provide additional funding of up to 10 percent of working capital limits (limits based on funds, not based on funds) with a maximum limit of Rs 100 crore.
Large businesses and medium-sized businesses would be eligible for the loan.
The loan term would be 36 months with an initial moratorium of up to six months and carry a fixed interest rate of 1 year MCLR (marginal cost of funds loan rate), the statement added.