Mumbai: The country’s largest state-run State Bank of India (SBI) has prepared a scheme for additional funding to businessmen affected by the corona virus. The Covid-19 Emergency Credit Line (CECL) will remain in force till June 30 and will be equivalent to 10% of the capital limit. Under this, a maximum loan of 200 crores will be available.
The loan interest rate under CECL will be 7.25% and no processing fee or prepayment penalty will be charged for it. SBI is the first bank to launch this scheme and it is expected that other government banks will also look after it.
