These banks are giving out emergency funds to help customers tide through the Coronavirus lockdown
- Indian Bank, Andhra Bank, and Union Bank announced emergency credit lines for their customers to tide through the Coronavirus lockdown.
- Bank of India has also assured customers that a credit facility is in the works.
- The State Bank of India (SBI) was the first to announce its Covid-19 Emergency Credit Line on March 20.
- Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.
These emergency loans are available to both companies as well as retail customers depending on the bank. Indian Bank, for example, has four categories of loans for corporates, small businesses, salaried employees and pensioners. Instead of having to go to the bank, customers can send their requests in via direct messages on Twitter.
To financially help you cope during these difficult times of #coronavirus outbreak, Indian Bank unveils Credit Line… https://t.co/jLHjntIcZs— Indian Bank (@MyIndianBank) 1585069664000
Union Bank launched a Covid Emergency Line of Credit (CELC), which is available to all of the bank’s existing customers.
In wake of #coronavirus outbreak, #UnionBankofIndia unstintingly supports all its existing customers with the launc… https://t.co/G8GCpCqumR— Union Bank of India (@UnionBankTweets) 1585062720000
India’s largest lender, the State Bank of India ( SBI) led the charge by committing 0.25% of annual profits towards fighting Covid-19 on March 20. The bank will use these funds to support those healthcare systems which can help reach under-priviledged individuals.
In addition, SBI launched the Covid-19 Emergency Credit Line (CECL) that customers can avail till 30 June 2020. Up to ₹200 crore can be released with loans issued at an interest rate of 7.25%.
Andhra Bank is also setting up a short-term credit facility, but only for small businesses and corporate borrowers.
To tide over #coronavirus affects, #AndhraBank unveils hassle free special short term credit product to MSME & Cor… https://t.co/1byWsfbWjR— Andhra Bank (@bank_andhra) 1585125886000
Other banks like Bank of India announced that they have imminent plans to launch credit facilities, but official notifications are yet to be announced.
Emergency #credit_line will be available very soon to all #COVIDー19 affected customers. This is with the view to pr… https://t.co/4kQ1Ot6Zk6— Bank of India (@BankofIndia_IN) 1585119443000
According to the Ministry of Corporate Affairs, spending CSR funds to fight the Coronavirus pandemic is an eligible CSR activity.
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