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SBI opens emergency credit line for borrowers as businesses get affected due to the novel coronavirus pandemic

As businesses get affected due to the novel coronavirus pandemic, the State Bank of India, the country’s largest lender, has opened an emergency credit line to meet any liquidity mismatch for its borrowers.The additional liquidity facility, COVID-19 Emergency Credit Line (CECL), will provide funds up to Rs 200 crore and will be available till June 30, 2020, SBI said. The loan will be offered at an interest rate of 7.25 percent with a tenure of 12 months.With a view to provide some degree of relief to borrowers whose operations are impacted by COVID-19, it has decided to make available additional liquidity credit facilities to eligible borrowers by way of ad-hoc facilities — CECL to tide over the current crisis situation, the bank said in a circular to all branches. The bank said the credit line was open for all standard accounts, which have not been classified as SMA 1 or 2 as on March 16, 2020.

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