Bank of Maharashtra Launches Standard Account Customer Credit Scheme

PUNE: Bank of Bank said it has launched several schemes for the corporate, retail and agricultural sectors to ensure immediate financial assistance because of Covid-19.

The schemes range from an ad-hoc line of credit for businesses to an emergency line of credit scheme for their home loan borrowers.

For companies, the bank is providing 'Ad-hoc line of credit Covid-19 through SLC (Stand by line of Credit) to overcome the liquidity impact of Covid-19. This facility can be used in the form of Capital of work/STL. Borrowers who have standard accounts can take advantage of this facility, the bank said in a statement.

The bank said that for this scheme it would be within a maximum period of 12 months and the moratorium will be for a period of six months.

For mortgage loan borrowers, the bank said it is providing up to Rs 3 lakh 'Emergency Line of Credit-Personal Loan Scheme-Covid-19 in the form of Term Loan for all standard home loan accounts, where Complete the security charge and refund begins. The maximum repayment term the bank said will be 36 months, including a 6-month moratorium.

The Bank also said it will provide instant credit for the farming community to meet emerging fund requirements for farm maintenance and other farm related activities and related domestic purposes.

The limit is 50% of the existing penalty limit (KCC) subject to Rs. 10,000 minimum and Rs. 1,00,000 maximum for the existing KCC account holder who has a regular refund. The total term of the scheme is 30 months, which includes a 6-month moratorium, the bank added.