Home / Knowledge / News / Textiles / SBI announces COVID-19 emergency credit line for MSMEs

SBI announces COVID-19 emergency credit line for MSMEs

21
Mar '20
Pic: Postmodern Studio / Shutterstock.com
Pic: Postmodern Studio / Shutterstock.com
The State Bank of India yesterday opened an emergency credit facility for borrowers hit by the COVID-19 pandemic. In a departmental circular addressed to all its chief general managers, the bank directed that a maximum loan amount of ₹200 crore or 10 per cent of the existing fund-based working capital limits can be availed under this emergency line.

The facility can be availed of till June end and will be specifically aimed at borrowers from the micro, small and medium enterprises (MSMEs). The loans will be offered at a flat rate of 7.25 per cent.

“With a view to provide some degree of relief to the borrowers whose operations are impacted by COVID-19, it is decided by the Bank to make available additional credit facilities to the eligible existing borrowers by way of ad-hoc facilities i.e COVID 19 emergency credit line (CECL) to tide over the current crisis situation,” the note said.

All standard accounts that have not been classified under the category of special mention accounts 1 & 2 as on March 16 will be eligible. Existing SBI customers who have availed special loan products under the MSME category can also avail of this facility.

The borrowers will be able to avail of the entire amount in one go and can repay in six instalments after a moratorium period of six months from the date of disbursement.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 28th Mar 2020

Worldwide lockdowns, stimulus shots, raised PPE production

The global response this week to the unfolding COVID-19 crisis saw...

Pic: Shutterstock

Apparel/Garments | On 28th Mar 2020

Vietnam may outdo Bangladesh as 2nd largest RMG exporter

Though Bangladesh is now the second-largest garment exporter...

Pic: Shutterstock

Textiles | On 28th Mar 2020

Morgan Stanley rules out economic depression

With COVID-19 badly damaging the global economy, Morgan Stanley...

Interviews View All

Rahul Bhadani, Looksgud

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Software Firms, Head honchos

Software Firms
Head honchos

AI / robotics may challenge existing long value chains

Poonam Naik Desai,

Poonam Naik Desai

Peekaboo is a sustainable, high quality, luxury sleepwear brand providing...

Yogesh Kanani,

Yogesh Kanani

Incorporated in 1999, Purani Textiless Private Limited is a leading...

Sugandha Bhardwaj,

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Georg Reinhold, Trützschler  Nonwovens & Man-Made Fibers

Georg Reinhold
Trützschler Nonwovens & Man-Made Fibers

Trützschler Nonwovens & Man-Made Fibers, a part of the Trützschler Group,...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search