On March 25, 2020 Indian Bank launched five special emergency loans for large corporates, medium enterprises, MSMEs, salaried and pensioners as a support to its customers affected through economic slump and lockdown because of the COVID-19 pandemic. Earlier, State Bank of India (SBI), Union Bank of India (UBI), Bank of India (BOI) initiated schemes to provide liquidity relief to borrowers.
IND- COVID Emergency Credit Line (IBCECL): This loan is focused on Large Corporates and Medium Enterprises in the Standard Category. Under this an additional funding of upto10% of the Working Capital Limits (both Fund Based and Non Fund Based limits) with a maximum limit of Rs 100 crore will be provided.
- Loan tenor- 36 months with an initial moratorium of up to 6 months
- Interest rate- Fixed interest rate of 1 year MCLR with no other charges
IND- MSE COVID Emergency Loan (INDMSE-CEL): Curated for Micro and Small Enterprises (MSEs), it will give additional funding of 10% of fund based working capital (FBWC) limit limits with maximum Rs 50 lakh. Its objective is to meet the liquidity issues faced by MSEs.
SHG-COVID – SAHAYA LOAN: This loan is for Self Help Groups (SHGs) under which each member can avail a soft loan of Rs. 5000 i.e., Rs. 1 lakh per SHG.
- Loan tenor- 36 months with 6 months moratorium.
IND-COVID Emergency Salary Loan: It is for salaried employees’upto an amount equal to 20 times latest monthly gross salary subject to maximum of Rs 2 lakh. This is to meet urgent medical and other expenditure with no concessional interest and other charges.
IND COVID- Emergency Pension Loan: This loan is specified for pensionersupto15 times monthly pension subject to maximum of Rs 2 lakh, with 60 months repayment with no concessional interest and other charges.
About Indian Bank:
- Headquarter– Chennai, Tamil Nadu
- Managing Director & Chief Executive Officer– PadmajaChunduru
- Tagline– Your Own Bank
