Union Bank of India has set up an emergency funding window for its MSME and corporate customers impacted by COVID-19 outbreak. The bank is offering a maximum 10 per cent of the existing working capital limit to accounts that are standard as on February 1, 2020. The repayment period of these loans will be 36 months, including maximum moratorium of 12 months. The window is open till September 30, 2020.
This credit facility is available at NIL margin with competitive rate of interest - 8 per cent fixed rate of interest, which is one-year MCLR as on date. All MSME/agriculture borrowers are eligible for a loan up to Rs 10 crore and others up to Rs 50 crore.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
