BHUBANESWAR: The State Bank of India (SBI) has decided to provide collateral free loans to 48,168 MSMEs in Odisha under the Guaranteed Emergency Credit Line (GECL) scheme to help business enterprises overcome Covid crisis. The largest public sector lender has already sent pre-approved offer letters to these MSMEs of which 20,182 enterprises have been sanctioned Rs 644.82 crore so far. Talking to mediapersons on Friday, on the eve of the International MSME Day, Bhubaneswar circle CGM Ruma Dey said total loan amount for the MSME sector under the GECL scheme for 2020-21 fiscal has been pegged at Rs 950 crore.
“The existing affected units will get 20 per cent (pc) of their fund-based limits with 12 months moratorium and four years repayment period to reduce the stress level in working capital requirements,” she said and urged the enterprises to come forward to avail the benefit.
Although the moratorium period is 12 months for principal, interest is payable at monthly intervals. The principal has to be repaid in 36 equal installments after the moratorium period is over.
The interest rate of the loan ranges from 7.8 pc to 9.25 per cent. GECL is a part of the Centre’s Atmanirbhar Bharat scheme and it will make available additional supportive measures like the Covid emergency credit line, re-assessment of working capital limits and restructuring of advances to MSMEs. The SBI is also providing relief measures to the existing MSME borrowers by way of Common Covid-19 Emergency Credit Line (CCECL), which is 10 pc of fund-based working capital limits.
As many as 15,632 pre-approved offer letters have been sent to the eligible borrowers and 15,615 units have been sanctioned Rs 419.39 crore under the CCECL scheme so far in the State. “EMI has been deferred in all eligible term loans upto August 31 as Covid-19 relaxations. Under digital products, 14,603 accounts have been sanctioned under e-MUDRA and approximately Rs 70 crore have been disbursed,” Dey informed.
BANK LENDING
20,182 MSMEs have been sanctioned Rs 644.82 cr under GECL
15,632 pre-approved offer letters issued to eligible borrowers under CCECL scheme
5,615 units received Rs 419.39 crore under CCECL
14,603 accounts sanctioned under e-MUDRA and Rs 70 crore disbursed