AD-HOC LINE OF CREDIT COVID-19 by way of SLC (Stand by Line of Credit)
With a view to provide some relief to the industries in India, whose operations are impacted by COVID-19, for supporting the affected industries by making available additional credit facilities to the eligible existing borrowers by way of AD-HOC Line of Credit COVID-19 to tide over the current situation.
The features of Product (“AD-HOC Line of Credit COVID-19”) in detail are:
Parameter | Guidelines |
|---|---|
Nature of the facility | AD-HOC Line of Credit COVID-19 by way of Working Capital over and above sanctioned limit.> |
Purpose | To meet emergent liquidity mismatch arising out of COVID-19 |
Nature of Facility | Fund Based: Working Capital/Short Term Loan |
Eligibility | All standard accounts excluding account classified as SMA 2 as on 23.03.2020 and till the date of sanction are eligible. |
Quantum of Finance |
|
Tenure | Maximum up to 12 months. |
| Moratorium | Maximum period up to 6 months from the date of first disbursement. |
| Disbursal & Repayment | The borrower can avail the sanctioned amount in one go or in tranches. The entire loan under the scheme have to repay within maximum period of 12 months from the date of disbursal or validity of sanction whichever is earlier. In case the limits are availed in tranches then the repayment /liquidation of the tranches should be 12 months from the date of disbursal or validity of sanctioned limit whichever is earlier. Borrower may make early repayment. In case of early liquidation / repayment of the loan/ tranche borrower may be allowed to apply again to drawdown in one go or in tranches. However, the subsequent drawls should also be liquidated as above.
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| Margin |
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| Rate of Interest |
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| Security | Hypothecation of entire current assets of the borrower present and future. Extension of charge on the Primary Security / Collateral security. |
| Guarantee | Existing guarantors if any, to be continued |
| Insurance | Comprehensive insurance of all the securities charged to the Bank should be taken with Bank clause |
| Processing Fee | No separate processing charge is to be recovered for Adhoc Line of Credit. |
| Prepayment Charges | Nil |
| Documentation Charges | It is to be recovered for Ad-Hoc Line of Credit COVID-19 one time as a part of total limits. |
| Validity | Scheme will be in force upto 30.06.2020. |
| Other |
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To Download application form, click here.
You may send the completely filled application signed by authorized signatory to the following;
- Branch Email id / or
- Scanned signed copy may be sent to branch managers mobile number on whatsapp/ or
- creditcovid19@mahabank.co.in
If you do not have the branch email id, please follow the following pattern:
If your branch code is 3456 then the branch email id will be; brmgr3456@mahabank.co.in and bom3456@mahabank.co.in
The branch code is available in the cheque book. (omit zero on left) e.g. if the branch is 0014 then the branch email id will be: brmgr14@mahabank.co.in and bom14@mahabank.co.in
