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Baroda Covid Emergency Credit Line
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Features
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Most Important Terms and Conditions (MITC)
Baroda Covid Emergency Credit Line Features
Purpose:
To meet the temporary liquidity mismatch arising out of impact of Covid-19 pandemic.
Facility:
FBWC in the nature of short term loan/demand loan (one time).
Loan Amount:
Maximum 10% of the existing fund based working capital.
Limits (FBWC) subject to maximum of Rs. 200 crores. This is in addition to existing adhoc/excess/SLC/Gold Card Limit. Existing adhoc/excess shall be repaid on due date.
Tenor of Loan:
Door to door maximum 24 months.
Repayment moratorium – 6 months (maximum)
15% of the loan amount is repayable monthly/quarterly installment in first 6 months and balance 85% amount is repayable in next 12 months. Interest to be served as and when applied.
Validity of scheme:
The scheme was applicable upto 30.06.2021. As on date the scheme is discontinued.
Availability period:
The borrower can draw the sanctioned amount in part or in one go within 3 months of sanction.
Baroda Covid Emergency Credit Line Most Important Terms and Conditions (MITC)
Margin: NIL
However, 80% of proposed limits should be backed by the value of the stocks and receivables and 20% can be given on clean basis. In case of need, additional cover period of 3 months to be allowed in respect of receivables over and above presently allowed period till the closure of the facility.
Interest rate ROI for corporates: 1 year MCLR without SP.
ROI for MSME: BRLLR
ROI to be linked to benchmark as applicable at the time of disbursement.
Additional ROI at 0.25% shall be charged to specified borrower under market mechanism.
(Specified borrower is defined as borrower having aggregate sanctioned credit Limits of over Rs. 10,000
crores from the banking system.)
Security:
Extension of charges on the primary security/collateral security (present and future).
In case facility under consortium/multiple banking a time period of 30 days may be allowed for obtaining NOC for ceding of 1st pari passu charge on current assets from other member banks under consortium/MBA. ROC formalities to be completed as per extant guidelines.
Documentation:
As per the extant guidelines of Bank.
Processing Fee: Nil
Prepayment Penalty: Nil
Sanctioning authority:
Authority wise DLP specifically for captioned scheme, subject to compliance of Bank’s usual guidelines is as under:-
Authority | DLP (FB+NFB) Per Borrower | ||
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Existing | Additional (Excess/Adhoc/Gold Card/SLC/Covid-19) |
Total | |
RMCC (ScaleV) | 10 | 4.50 | 14.50 |
RMCC (ScaleVI) | 20 | 6 | 26 |
ZOCC-GM | 50 | 10 | 60 |
ZOCC-GMCC | 75 | 15 | 90 |
COCC-GMCC | 100 | 20 | 120 |
COCC-ED | 200 | 40 | 240 |
CACB | Overall exposures Rs. 800 crores | ||
MCB | Full Powers |
Note:
- In any case, additional limits under Covid-19 should not exceed 10% of fund based working capital.
- PSR noting to be done as per extant guidelines.
- For higher limits, proposal to be referred to respective sanctioning authorities.
The proposed one-time exposure under this scheme shall not be considered/added for purpose of deciding DLP for review/renewal of the account in future till the closure of this facility.
Deviation:
Deviation in financial/non-financial parameter for sanctions under this scheme shall be considered by respective sanctioning authorities as defined above on merits.
Others:
- The limit will be over and above the MPBF.
- Our sanction shall be conveyed to the existing lenders in case of facility under consortium/MBA.
- The facilities to be made available at the specific request of the borrower, stating specific impact on the business activity affected by COVID 19.
- All other guideline of the Banks shall be applicable.
- Zone to submit a consolidated monthly statement of sanction/availing under the scheme to be submitted to BCC of respective verticals (SMEs/LCB) as per the annexure enclosed.
- Separate scheme code for captioned facility under BCECL to be created in Finacle by Finacle –Asset Team.