Indian Bank unveils five special emergency loans

Chennai, Mar 26 (): Public sector Indian Bank onThursday announced five special emergency loans for itscustomers, including corporate clients, Self-Help Groups,retail borrowers and pensioners.

The five special emergency loans -- the IND-COVIDEmergency Credit Line for corporate customers, IND-MSE COVIDEmergency loan for micro, small and medium enterprises, SHG-COVID (SAHAYA Loan) for self help groups, IND-COVID emergencysalary loan for retail borrowers and an emergency pension loanfor pensioners, the city-based bank said in a press release.

"In these challenging times, Indian Bank is committed tostand by its customers. We expect that these credit lines willmeet the immediate liquidity requirements of businesses,"Indian Bank Managing Director Padmaja Chunduru said.

"SHGs has always been an important part of our businessand with our initiatives we ensure that the group gets all thedesired support for financial independence," she said.

"We have made these loans repayable over a longer periodbusiness is back on track again," Chunduru, who is also theCEO of the bank, said. The IND-COVID Emergency Credit Line would provideadditional funding of upto 10 per cent of the working capitallimits (both fund based and non-fund based limits) with amaximum limit of Rs 100 crore.

Large corporates and medium enterprises would be eligiblefor the loan.

The tenure of the loan would be for 36 months with aninitial moratorium of upto six months and would carry fixedinterest rate of 1 year MCLR (Marginal Costs of Funds-basedLending Rate), the release added. VIJ APRRAVINDRANATH APRRAVINDRANATH