What does BBLS mean in BANKING
BBLS stands for Bounce Bank Loan Scheme. It is a loan scheme released by the Indian government to provide financial assistance to small businesses and individuals affected by the COVID-19 pandemic. This scheme has been designed to help borrowers cover their repayment obligations, while also protecting their credit scores during this difficult time.
BBLS meaning in Banking in Business
BBLS mostly used in an acronym Banking in Category Business that means Bounce Bank Loan Scheme
Shorthand: BBLS,
Full Form: Bounce Bank Loan Scheme
For more information of "Bounce Bank Loan Scheme", see the section below.
Essential Questions and Answers on Bounce Bank Loan Scheme in "BUSINESS»BANKING"
What is the purpose of the BBLS?
The purpose of the BBLS is to help small businesses and individuals who have been financially impacted by COVID-19 by providing them with financial assistance so they can pay back loans and protect their credit scores.
Who is eligible for the BBLS?
All eligible borrowers, including microenterprises, small industries, traders, and business entities are eligible for this scheme. To be eligible for a loan under this scheme, one needs to have had a credit score above 600 as on 1 March 2020 and should not have availed any moratoriums previously.
What is the maximum loan limit under this scheme?
The maximum loan limit that can be availed under this scheme is Rs 5 crore per borrowing entity.
How long does it take for approval of a loan?
After duly submitting all documents required by your lender, your application will be taken up for approval within seven days of submission.
What are some other benefits of availing a loan under this scheme?
Apart from providing financial assistance and protecting one's credit score during these difficult times, borrowers may avail additional benefits such as reduced rates of interest or waiver/reduction in processing fees or other charges associated with normal lending procedures upon application through Bharat Interface Money (BHIM) UPI payment system.
Final Words:
The Bounce Bank Loan Scheme has been devised by the Indian government to provide relief to those affected by the pandemic. Not only does it provide loans at competitive interest rates with added concessions, but also helps protect credit scores against an unprecedented event such as COVID-19.
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