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SBI announces COVID-19 emergency credit line for MSMEs

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)

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