CHENNAI: Chennai-based Indian Bank has introduced a special product ‘Guaranteed Emergency Credit Line Scheme’ (GECLS) for micro, small and medium enterprises (MSMEs) hit hard by the coronavirus-induced lockdown.
Under the GECLS scheme, MSME borrowers with up to Rs 25 crore of total borrowing can avail an additional 20 per cent of the loan outstanding from bank, excluding off-balance sheet and non-fund based exposures, as on February 29, 2020, i.e., loan of up to Rs 5 crore.
According to Indian bank, the application process for this scheme has also been simplified. Interested entities may apply online by logging on to the website of the bank or by contacting the branch directly. The eligible application will be processed within six days on the receipt of the application by the branch with NIL processing charge.
The scheme was announced on May 26 under the Atma Nirbhar Bharat Abhiyan to help MSMEs meet their working capital needs.