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COVID – REASSESSMENT OF WORKING CAPITAL LIMIT

COVID – REASSESSMENT OF WORKING CAPITAL LIMIT

Re-assessment of Working Capital limits due to COVID-19 emergency for AGRI Sector, MSME Sector and Corporate Borrowers (not engaged in Real Estate, Commercial Real estate and Infrastructure)

Parameter Norms
Eligibility The existing working capital account should be in “Standard Category”
Purpose To meet the additional working capital requirements for build-up of Current Assets, Extension of Debtors cycle and substitution of Trade creditors.
Rate of interest for additional limit MSME Borrowers: Repo + 4.70%, presently 8.10% p.a.

Others                  : 1 Yr MCLR, presently 8.10% p.a.

Period One year from the date of sanction.
Margin 10% on Inventory  &   15% on Book Debts
Processing charges for additional limit NIL
Validity of the scheme Upto 31.05.2020 for sanction.
Others Contact branch for further details
Documents required Duly filled in application with list of documents detailed in application.

1. Application for Agri sector Borrowers

2. Application for MSME and Corporate Borrowers

Acceptable mode of submission of application and other documents By E mail / In person to the Branch.
Helpline Numbers & Email ID for queries, facilitations and Grievances Mobile: +917305898976 / +918745984800

Email: ibcovidresponse@indianbank.co.in

Timeline for appraisal, sanction, documentation / disbursement For exposure upto Rs. 5 crores – within 10 days from the date of receipt of application with enclosures.

For exposure above Rs. 5 crores – Within 15 days from the date of receipt of application with enclosures.

( अंतिम संशोधन Apr 29, 2020 at 08:04:27 PM )