CHENNAI: Indian Bank has introduced IND GECLS COVID-19, a special product Guaranteed Emergency Credit Line Scheme for Micro, Small and Medium Enterprises and Mudra business enterprises and others to meet their working capital needs during the pandemic.
Interested existing business enterprises can avail the loan facility up to 20 percent of the outstanding credit. However, total outstanding credit (fund based) should not exceed Rs 25 crore as on February 29, 2020 subject to maximum loan amount of Rs 5 crore.
The loan may be availed with the simple conditions of annual turnover not exceeding Rs 100 crore for the financial year 2019-20 of enterprise and the account should not be in SMA2 or non-performing asset (NPA). The enterprise availed loan from other Banks/Financial Institutions/NBFCs are also eligible to avail loans from Indian Bank. However, all enterprises must have GST registration unless exempted as one of the conditions, the release stated.