Indian Bank to give COVID-19 loans

Darnell Taylor
March 29, 2020

In addition to today's statement, the agencies are working on future guidance and lending principles for responsible small-dollar loans to facilitate the ability of banks, credit unions, and saving associations to more effectively meet the ongoing credit needs of their customers, members, and communities. Mint reported on 20 March that an internal SBI circular had said that the Covid-19 emergency credit line (CECL) will be in the form of a 12-month demand loan and that the scheme will be valid till 30 June. For those loans, local lenders have chose to suspend the payment of installments by three to six months, depending on the duration of the Covid-19 crisis.

Central Bank launched CENT - COVID-19 - SAHAYATA for borrowers already availing fund-based working capital credit lines from the bank.

In a release issued Thursday, March 26, 2020, the bank said the offer also included a waiver on fees that customers would have paid.

Indian Bank on Wednesday announced five special emergency loan schemes for customs to cushion effect of economic slump and lockdown.

"In these challenging times, the bank is committed to stand by its customers".

All these relief measures have been announced by banks in consultation with the government and Reserve Bank of India, and more banks are expected to follow suit with similar schemes.

IND-COVID Emergency Salary Loan: to salaried employees upto an amount equal to 20 times latest monthly gross salary subject to maximum of Rs 2 lakh. This is to meet urgent medical and other expenditures.

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"We expect that these credit lines will meet the immediate liquidity requirements of businesses".

"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. Indian Bank MD and CEO Padmaja Chunduru said, "We have made these loans repayable over a longer period to give them flexibility in operations until business is back on track again".

He also took the opportunity to urge Staff, Customers and the General Public to take all precautionary measures to protect themselves and families against the coronavirus (Covid-19).

The bank is promoting digital payments such as mobile banking, internet banking, debit and credit cards instead of using cash which may require them to go to crowded places for paying bills.

The bank explained that the Loan Repayment Deferment offer which is available from March 27, 2020, is now available upon request.

For pensioners, she said, the bank is taking extra effort to provide cash at their doorstep as these people are more prone to virus attack.

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