Indian Bank offers Guaranteed Emergency Credit Line Scheme (IND GECLS COVID 19) for MSME/ MUDRA and other Business Enterprises
CEO Insights team, Press Release
IND GECLS is offered with the idea of market environment where the business and industry needs the capital in the present pandemic COVID 19 situation. Interested existing business enterprises can avail the loan facility upto 20% of the outstanding credit. However, total outstanding credit (Fund Based) should not exceed Rs. 25 Crores as on 29.02.2020 subject to maximum loan amount of Rs. 5 Crores. The loan may be availed with the simple conditions of Annual Turn Over not exceeding Rs. 100 Crores for the FY 2019-20 of enterprise and the account should not be in SMA2 or NPA. The enterprise availed loan from other Banks/Financial Institutions/NBFCs are also eligible to avail loans from Indian Bank. However, all the enterprises must have GST registration as mandatory unless exempted from GST registration as one of the conditions.
The enterprise can enjoy 100% Guarantee cover under Emergency Credit Line Guarantee Scheme of National Credit Guarantee Trustee Company (NCGTC) for the GECLS exposure
The enterprise can enjoy 100% Guarantee cover under “Emergency Credit Line Guarantee Scheme” of National Credit Guarantee Trustee Company (NCGTC) for the GECLS exposure.
The repayment period of the loan amount is maximum 48 months (door to door), which can be made in 36 EMIs starting from 13th month after availing 12 months of moratorium.
The application process has been simplified by the bank for the IND GECLS COVID 19, and the interested enterprises may apply online by logging on to the website of the Bank and/ or by contacting the Branch. The eligible application will be processed within 6 days on receipt of the application by the Branch with NIL processing charges.
The bank has already introduced many MSME Products for helping the Business Enterprises, which are available for fresh loans.