Public Sector Banks announce new loans to mitigate impact of Corona

Public sector banks in India have announced various support measures and launch of new loan products to mitigate the impact of Covid pandemic. This will include the unsecured loans of upto 5 lakh rupees to individuals to meet their and family members’ COVID-19 treatment cost.

The Indian Banks Association and State Bank of India jointly announced three new loan products in Mumbai yesterday. These are based on various measures announced by the RBI and Government of India.

The measures are designed to provide fresh lending support to vaccine manufacturers, hospitals or dispensaries, pathology labs, manufacturers and suppliers of Oxygen, Ventilators, importers of vaccines and Covid related drugs logistics firms and patients for treatment.

Apart from individual loan for treatment, the other two loans include Healthcare Business Loan of upto 2 crore rupees and Business loans for Healthcare Facilities of upto 100 Crore rupees. Healthcare business loan is for setting up oxygen plants under Emergency Credit Line Guarantee Scheme (ECGLS) with 100 per cent guarantee cover of NCGTC.

Loan for Healthcare Facilities is to set up or expand healthcare infrastructure and to manufacturers of healthcare products.