AD-HOC LINE OF CREDIT COVID-19 by way of SLC (Stand by Line of Credit)

Nature of the facility

AD-HOC Line of Credit COVID-19 by way of Working Capital over and above sanctioned limit.>

Purpose

Nature of Facility

Eligibility

Quantum of Finance

1. Maximum up to 10% of the existing fund based working capital credit facilities Maximum up to Rs.50 crores.
2. In case of consortium advance, only our share of credit limits is to be reckoned for the purpose and the same should be communicated to the consortium lenders.
3. Existing customers who have availed ‘Mahabank Credit +’ can also avail under this scheme after repaying the earlier limit under “Mahabank Credit+” scheme.
4. The above facility will be in addition to the Assessed Bank Finance.
5. 10% of sanctioned ADHOC Line of Credit COVID-19 may be sanctioned on clean basis for payment of operating expenses on case to case basis.

Tenure

1. The facility will be considered as an exposure on the borrower and guidelines stipulated under the RBI Prudential Norms shall be adhered to.
2. The facility shall be made available as Fund Based Limit only.
3. Interest to be served as and when applied.

• NIL for the AD-HOC Line of Credit COVID-19.

1. Rate of interest sanctioned to regular working capital facilities will be applicable on fund-based credit facility under AD-HOC Line of Credit COVID-19
2. Penal interest as applicable would be charged, if not repaid within stipulated period.

1. The limit will be over and above the Existing sanctioned limit.
2. The Facilities will be made available at the specific request of the borrower, stating that the business has been adversely effected by COVID-19.
3. IRAC norms as stipulated to Demand Loan shall be applicable.