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India’s Largest Private Lender SBI Launches COVID-19 Emergency Credit Line to Boost Liquidity

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Here are some positive and optimistic announcements for Indian businesses amid the COVID19 crisis: India’s oldest private lender & largest Indian Bank, State Bank of India, has announced positive news like special assistance in the form of an Extended Credit Line for businesses – COVID-19 Emergency Credit Line (CECL).

Key highlights of COVID-19 Emergency Credit Line (CECL)

7.5 Percent fixed interest rate borrowers with no clause or charges such as penalty on Foreclosures.

One of the key benefits is that the Processing fee will be 100 percent waived off for loans.

Credit line based on a maximum of 10% of the sanctioned credit line, up to Rs. 200 crore of working capital requirement.

It was a masterstroke and highly appreciated the move to the SBI team and multiple lenders across the world who are coming to rescue financially at the need of the hour of financial emergency. If not for these lenders, the global economy can collapse at any moment.

SBI  Opens a COVID-19 Emergency Credit Line (CECL):

As a Hardcore Banker to the Nation,  and with a paradigm to give full handed support during the financial emergency in India due to the coronavirus pandemic, State Bank of India has launched a new credit facility a COVID-19 Emergency Credit Line (CECL) for its business customers to meet any liquidity crisis arises due to the slowdown.

The additional liquidity facility line will help to raise more funds up to Rs 200 crore and will be available until June 30, 2020. SBI had made an official announcement in a press release on 20th March 2020. The loan will be provided and granted at an interest rate of 7.25 percent with a maximum term of one year.

Further, in a constant effort to keep its employees motivated amid the coronavirus outbreak, SBI  has set up a quick response team (QRT) to ensure the safety of its staff across the nation.

SBI, currently having workforce count of about 3 lakh and over 23,000 branches, motivating its customers to utilize the digital banking interface of the bank rather than branch banking in a bid to help check the spread of disease.

SBI has also set up an emergency helpline number facilitated by doctors and psychologists to help and educate its staff and employees to deal with the coronavirus outbreak as well as stress and anxiety arises from it.

Let’s hope for the best that other Public Sector Undertakings and Indian Private Sector Banks also make a sincere contribution to all the best possible means to help a country in coming out from the present Global Pandemic Crisis.

According to a released report by FICCI, more than 50 percent of companies in India will witness a serious impact on their businesses and operations due to coronavirus and over 80 percent of Large scale Indian companies have already taken a serious hit in terms of cash flow.

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