SBI Offer loan @ 7.25% to COVID-19 (Coronavirus) affected borrowers
SBI Covid Loan: State Bank of India (SBI) has announced to make available additional credit facilities to the eligible existing borrowers by way of ad-hoc facilities i.e. COVID-19 Emergency Credit Line (CECL) to tide over the current crisis situation.
Latest Update as on 07 May 2020 – New Scheme Launched by SBI, by the name of SBI Emergency Loan in which borrowers or saving account holders can get upto 5 Lakh of loan amount for 6 months at 10.50% rate of interest. Apply for SBI Emergency loan.
Highlights of SBI COVID 19 Loan
- Loans upto 200 Crores can be accessed by Borrowers.
- Repayment period of Upto 12 Months.
- Interest Rates are 7.25% p.a
- No Processing Fees & Prepayment Charges.
SBI borrowers, facing difficulties due to stalled economic activities due to Coronavirus scare, may opt for the CECL by way of SLC (Standby Letter of Credit) till June 30, 2020.
Holders of all standard accounts, which have not been classified as Special Mention Account (SMA) 1 or 2, are eligible to get the additional loan up to 10 per cent of the existing Fund Based Working Capital Limits (FBWC) with a maximum credit limit of Rs 200 crore.
The loan amount would be disbursed in one go and may be repaid in six equated monthly instalments (EMIs) after a moratorium period of six months from the date of disbursement of the loan, with the option of extending the cover period of receivables by three months till closure of the facility.
Rate of Interest for Special loans under COVID 19
The interest will be charged at a fixed rate of 7.25 per cent per annum and to be served as and when applied.
