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Indian Bank unveils loan scheme for MSMEs, Mudra units

Indian Bank has introduced IND GECLS COVID-19, (Guaranteed Emergency Credit Line Scheme), a special product for MSME, Mudra and other business enterprises to meet their working capital needs.

These enterprises can avail themselves of loans of up to 20% of the outstanding credit. However, total outstanding credit (fund-based) should not exceed ₹25 crore as at February 2020. The maximum loan amount is ₹5 crore, the bank said in a statement.

The maximum repayment period of the loan amount is maximum is 48 months.

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