SBI announces Corona Special New Loan Scheme

By | March 22, 2020

SBI announces Corona Special New Loan Scheme SBI to provide lifeline emergency credit to corona virus-hit borrowers Loan Scheme with Completion Guarantee SBI is the first lender to allow special loan windows SBI launches Corona special loan, only to pay interest Covid-19 emergency credit line facility to remain in force till june 30

SBI announces Corona Special New Loan Scheme

State Bank of India, the country’s largest government bank, has come up with a corona special loan scheme to prevent the country’s businessmen from the outbreak of corona. This facility named Kovid19 Emergency Credit Line will be applicable till 30th June. Which will be equal to 10 per cent of the capital limit. The main thing is that it can take a maximum loan of up to Rs. 200 crores.

Interest rate kept at 7.25 per cent
The interest rate limit taken under this loan scheme has been kept at 7.25 per cent. No processing fee or prepayment penalty will be charged under this facility. SBI is the first bank to launch the scheme. Other government and private banks will also plan to launch such a scheme.

The scheme will be for one year only
As per the sarcooler issued to all its branches on behalf of SBI, the scheme has been brought in to meet the shortage of capital caused by corona virus. The scheme has been brought as a demand loan. Which will be for one year. That means, after one year, you have to pay the entire rupee. The scheme is expected to provide great relief to small and medium businesses. Businessmen who have no overdue for 30 days or March 16 and borrowers who have taken loans for small business will also be able to avail the benefit of the scheme.

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