TMB to give loans to MSME units

Tamilnad Mercantile Bank (TMB) has planned to extend loans to 53,000 micro, small and medium enterprises (MSME) to revitalise units affected by lockdown.

The Centre has rolled out ₹20 lakh-crore stimulus to revive the economy with the main focus on revitalising the MSME sector, which is in the red due to the lockdown. Hence, the package has earmarked ₹3 lakh crore emergency credit line guarantee scheme for MSME/Business Enterprises, the bank said in a statement.

Under the scheme, 100% guarantee coverage is provided by National Credit Guarantee Trustee Company for more funding without any additional collateral security.

In order to extend a helping hand to eligible MSME units already affiliated to TMB, the bank has planned to provide additional loans of 20% of the outstanding as on February 29, 2020. Nearly 53,000 loan customers belonging to MSME/Business Enterprises will get benefited under th initiative.

Instructions have been given to all branches covering the scheme guidelines and disbursements have since started. No guarantee fee or processing fee or other charges shall be levied for loans sanctioned under the scheme.

Eligible loan customers as per scheme guidelines may contact their TMB branches for availing the credit facility, said Managing Director and CEO, TMB, K.V. Rama Moorthy in the statement.

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Printable version | Aug 9, 2020 12:13:53 PM |

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