Corona: SBI launches emergency loan facility for borrowers

Corona: SBI launches emergency loan facility for borrowers

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New Delhi (New Delhi). The country's largest bank (State Bank of India) has introduced an emergency loan facility in the wake of the business affected by the Corona virus epidemic, so that the cash shortage of customers can be met. SBI is issuing a circular that has introduced an additional cash facility called Kovid-19 Emergency Loan Facility (CECL), under which funds of up to Rs 200 crore will be provided and this facility will be available by 30 June 2020.

Under this, the loan will be given at an interest rate of 7.25 percent for a period of 12 months. In a circular sent to all branches, the bank said, to give some relief to the borrowers whose business has been affected by Kovid-19, it was decided to provide additional liquidity loan facility to deserving borrowers. CECL will help in overcoming the current crisis situation. The bank said that the loan facility is available for all standard accounts which are not classified as SMA 1 or 2 till 16 March 2020, they can avail this loan facility. The Special Mention Account (SMA) was introduced to identify accounts that seem likely to become NPAs or stressed assets.

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