PSB GUARANTEED EMERGENCY CREDIT LINE (PSB -GECL) FOR BUSINESS ENTERPRISES/MSMES - Highlights
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Description
1
Name of the facility
PSB GUARANTEED EMERGENCY CREDIT LINE (PSB -GECL) FOR BUSINESS ENTERPRISES / MSMEs.
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Facility type
Working Capital Term Loan
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Validity of Scheme
The facility can be availed till 31.10.2020
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Purpose
To provide additional funding to meet operational liabilities built up, buy raw materials and to restart business.
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Eligibility
All Existing Borrowers enjoying Fund Based limit and outstanding upto Rs. 25 Crore (WC+TL) from entire banking system , with Annual Turnover not exceeding Rs.100 Cr in the FY 2019-20.
Constitution of borrower must be either Proprietorship, Partnership, registered company, trusts or Limited Liability Partnerships. Loan under Individual capacity is not eligible
For loans having co-applicant, only those existing loans where entity is the primary co-applicant are covered under the Scheme for additional emergency funding.
Standard Accounts excluding SMA 02 as on 29.02.2020(Borrower accounts should be less than or equal to 60 days past due as on 29th February, 2020 in order to be eligible under the Scheme). Days Past Due status to be checked across MLIs from credit bureau
Business Enterprises / MSME borrower must be GST registered in all cases where such registration is mandatory. This condition will not apply to Business Enterprises / MSMEs that are not required to obtain GST registration.
Interested Borrowers under MUDRA (PMMY) are also eligible including individuals (Pradhan Mantri Mudra Yojana loans extended on or before 29.2.2020,and reported on the MUDRA portal)
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Margin
NIL
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Period of Loan & Repayment
Loan to have door to door tenor of 4 years with moratorium of 12 months on principle repayment. Interest to be serviced as & when charged. Loan to be repaid in 36 monthly instalments out of business accruals, after moratorium.
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Interest Rate
For MSME : EBLR + 1% subject to Max of 9.25% PA
For Others : Existing rate subject to max. of 9.25 % PA
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Security
Primary security: The additional WCTL facility granted under Emergency Credit Line Guarantee Scheme (ECLGS) shall rank paripassu with the existing credit facilities in terms of cash flows and security, with charge on the assets financed under the Scheme to be created within a period of three months from the date of disbursal
Collateral Security: No collateral.
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Credit Guarantee
The facility to be covered 100% under National Credit Guarantee Trust Company Limited Emergency Credit Line Guarantee Scheme (ECLGS)
No Guarantee fee is to be charged
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Documentation Charges
Actual expenses with respect to stamp papers etc.
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Processing Fee
NIL
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Prepayment & Charges
Allowed & with NO Charges
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Penal interest
NIL
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Other Terms & conditions
In case a borrower has existing limits with multiple lenders, this may be availed either through one lender or multiple lenders. In case the borrower wishes to take from any lender an amount more than the proportional 20% of the outstanding credit that the borrower has with that particular lender, a No Objection Certificate (NOC) would be required from all other lenders
Borrower shall have the option to Accept or to indicate otherwise
Borrower to furnish details of liabilities built up, details of raw materials to be purchased and expenses to be incurred to restart the business.
For details of the Scheme and FAQ please visit :www.eclgs.com
The link will open only through bank's intranet and it will not open through internet
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A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
General Manager-IT,
Punjab & Sind Bank
Internet Banking
Dear customers,
A New Internet Banking and Mobile Banking Solution - PSB UnIC for Retail Customers including NRE/NRO and PSB UnIC Biz for Sole Proprietor customers and Corporate Customers has been rolled out successfully by the Bank bringing UPI, IMPS, NEFT, RTGS and many more banking services under one platform.
Please note that our customers have already been notified that the old Internet Banking Portal of the Bank will be pulled down by 28.02.2022. The Funds Transfer services were blocked for Retail Internet Banking Customers since 09.01.2022. However, our old Internet Banking Portal was running parallelly for the last few days for the benefit of old Retail and Corporate Internet Banking Customers. It has now been decided that the Old Internet Banking will be pulled down on midnight of 21.03.2022. Bill Payments and Tax Payments ( OLTAS and GST) can be done through PSB UnIC digital platform. Bill Payment services are moved to PSB UnIC from 16.03.2022 onwards and the OLTAS functionality will be live from 18.03.2022 through PSB UnIC.
Our existing old Internet Banking customers ( Retail and Sole Propriership) who are yet to register in PSB UnIC are requested to make a onetime registration by visiting our website: https://punjabandsindbank.co.in and by clicking on PSB UnIC and choosing appropriate Option as follows:
And submit the duly signed application form along with required documents Viz. Board Resolution / Partnership Letter with Deed / Trust, Society, Club Resolution Letter/ HUF Letter etc. and also the KYC documents of the Authorised Users immediately to the parent Branch.
These corporate customers will be sent a registration kit through email after submission of the above documents. By Using the credentials in the mail, the corporate customers are requested to register by following the instructions contained in the email and start availing the benefit of PSB UnIC Biz services.
