Amid businesses getting affected due to the novel coronavirus pandemic, the country’s largest lender State Bank of India has opened an emergency credit line to meet any liquidity mismatch for its borrowers.
The additional liquidity facility Covid-19 Emergency Credit Line (CECL), will provide funds up to 200 crore rupees and will be available till June 30, SBI said in a circular.
The loan will be offered at an interest rate of 7.25 per cent with a tenure of 12 months. Borrowers can avail maximum 10 per cent of the existing fund based working capital limits, subject to a cap of 200 crore rupees.