Covid-19 Impact: Indian Bank announces 5 emergency loans

Covid-19 Impact: Indian Bank announces 5 emergency loans

The Coronavirus or COVID-19 pandemic has shaken the entire world by causing a severe financial crisis and panic among the individuals. This pandemic disease has affected not only the individuals but also the businesses run bIND- COVID Emergency Credit Line (IBCECL) for Corporates:y them. The business class is facing a scarcity of funds due to lockdowns as they are unable to continue their usual businesses. Therefore, the Chennai based, Indian Bank has introduced some emergency loan schemes as a bid to provide relief to the individuals. These loans will aid them to resume their business activities during such a financial crisis. Anyone who is facing hardships during such a financial crisis can apply for one of these emergency personal loans to fulfil the scarcity of the funds that are going into your business.

The bank has launched 5 emergency loans to meet the need of the varied customer segments such as corporate clients, MSMEs, SHGs (Self Help Groups), Retail borrowers as well as the Pensioners.

Let us have a look at these offerings in detail.

1. IND- COVID Emergency Credit Line (IBCECL) for Corporates:

This is one of the best business loan schemes to boost up your financial condition during this pandemic crisis. Through this scheme, the customers will be provided with additional funding of up to 10 percent of the Working Capital Limits with a maximum limit of Rs. 100 crores. This loan can be availed of by large corporates and medium enterprises that are in the standard category. The tenure on this loan would be of 36 months with an initial moratorium of up to 6 months and would carry a fixed interest rate of 1-year MCLR. All other charges on the loan have been waived by the bank. 

2. IND- MSE COVID Emergency Loan (INDMSE-CEL) for MSMEs:

This the second scheme announced by the bank. Under this MSME loan scheme, you can avail of additional funding of up to 10 percent of FBWC limits with maximum Rs. 50 lakhs. The loan is available for all Micro and Small Enterprises for up to the long repayment tenure of 60 months. Like the previous loan, the purpose of this loan is also intended to meet the liquidity issues faced by Micro and Small Enterprises (MSMEs) during the challenging time as we are facing now.

3. SHG- COVID – SAHAYA LOAN for Self Help Groups:

The loan is given under the Public Sector Based Scheme to support the women workforce so that they can tide over the financial crisis. Under this scheme, each member can avail of a soft loan of up to Rs. 5,000 up to a maximum of Rs. 1 lakh per Self-Help Group. The loan is available for 36 months moratorium facility to offer convenience to the customers while repaying it. Under this scheme, the loan amount offered is in the range of Rs. 5,000 to Rs. 1 lakh.

4. IND-COVID Emergency Salary Loan for Retail borrowers: 

Only salaried borrowers are eligible for this emergency loan scheme. Under this scheme, they will get a loan amount of up to 20 times their gross monthly salary with a maximum of Rs. 2 lakhs. All the other charges and concessional interest will be waived off. One can use this loan for meeting your urgent medical and other expenditures.

5. IND COVID- Emergency Pension Loan for Pensioners:

Under the COVID Emergency Pension Loan, the pensioners can take a loan amount of up to 15 times their monthly pension with a maximum of Rs. 2 Lakhs. The loan tenure will be of 60 months along with concessional interest with no additional charges.

Advantages of Emergency Loans During Lockdown

As the Corona outbreak has affected all the business. At such times, availing of emergency loans would be a great idea as it comes with several benefits. Let us take a look at some of the benefits that you can enjoy with these loans offered by the Indian Bank.

1. It will get easier to manage your working capital and usual recurring expenses in a hassle-free way.

2. Such loans will be of great help for salaried professionals who are facing pay cuts in their monthly salary.

3. It is very beneficial for pensioners as well to meet their expenses to run their business.

4. It will help you to boost your business while helping you to tide over the financial crisis.

Bottom Line

With the availability of various options as listed above, one can easily arrange the funds to run their business during the lockdown. These emergency loan schemes will surely help you to bring your business back on track without any hassle. The best part is that the Indian bank is also flexible repayment options and the competitive rate of interest on such loans. This will, in turn, help the borrowers to repay their loan affordably without affecting their present finances.

If you are willing to apply for such loans, we can help you get that. You can visit our website, BookMyMoney, and check for various offers on different loans such as personal loans, home loans, and gold loans. The application criteria are very simple and hassle-free if you apply with us. If you want to know further about the personal loan application process, click here.

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