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IND COVID EMERGENCY AGRO PROC LOAN (ICEAPL)

IND COVID EMERGENCY AGRO PROC LOAN (ICEAPL)

Applicability

  • Existing Agro Processing Loan Borrower

Eligibility

  • All existing facilities should be in “Standard” category but not in SMA 1 / SMA2 at the time of sanction.

Purpose

  • To meet the temporary liquidity mismatch due to outbreak of COVID-19 disease.

Loan Amount

  • 10% of Fund Based Working Capital limits subject to the maximum limit of Rs. 50.00 La­kh.

(Or)

  • 10% of composite loan with a maximum limit of Rs.10.00 lakh.

Rate of Interest

  • MCLR 1Y (8.10%) + Spread (0.50%) presently 8.60% p.a. (Floating)

Period

  • Maximum 60 months

Moratorium period

  • Maximum 6 months

Security

  • Existing Primary, Collateral Security and personal guarantees to be extended for this facility

Processing Charges & other charges

  • NIL

Validity

  • Scheme is valid upto 30.09.2020.

Other details:

Acceptable Mode of Submission of Request for Credit facility By E Mail / In-Person to the Branch /

Through Bank Mitra / FBC

Documents required Duly filled in Application form
Helpline Numbers & Email ID for queries, facilitations and Grievances. Mobile: +917305898992 / +919931094920

Email: ibcovidresponse@indianbank.co.in

Timeline for appraisal, sanction, documentation / disbursement Within 6 working days from the date of receipt of application by Branch.
Frequently Asked Questions (FAQs) Click here for FAQs about IND COVID FOOD AND AGRO PROCESSING LOAN

( Last modified on May 16, 2020 at 05:05:14 PM )