The global outbreak of the Coronavirus (Covid-19) pandemic in early 2020 had a devastating impact on the economy. In response to the pandemic, drastic measures were undertaken to prevent the spread of the virus and a nationwide lockdown was announced by the Government. Each district was categorized into Red, Orange and Green Zones, allowing only the businesses falling under Essential Services to remain open through the lockdown.

• IREP undertook a proactive approach through multiple measures to safeguard itself from the ill effects of the virus and the lockdown.
• Immediate steps were undertaken to alleviate borrower concerns; on-ground teams engaged with customers in an empathetic manner to maintain morale and help revive businesses as lockdowns eased out.
• Strategy: Branch offices categorized in Red, Orange and Green Zones, monitoring of collections, business revival and impact assessment studies. Businesses further categorized under Essential and Non-essential services to assess impact of lockdowns.
• Customer Outreach: IREP proactively reached out to all its customers to assess their performance, and the need for further financial and operational support.
• Moratorium: IREP offered the RBI Moratorium for EMIs falling due from March to August 2020 to all its eligible customers.
• ECLGS: Govt’s Emergency Credit Line Guarantee Scheme extended to eligible borrowers with loans offered up to 20% of existing loan outstanding as on February 29th, 2020 at fixed interest rates of 14% and a one year moratorium on principal repayment.
• TopUp Loans: IREP offered TopUp loans to promising customers with consistent repayment track record during the moratorium months and in dire need of funds to revive their businesses.
• Restructuring Program: IREP extended Loan Restructuring under RBI Guidelines for MSMEs to existing borrowers eligible as per the circular dated August 6th, 2020 thereby alleviating the ongoing stress due to Covid and temporarily reducing the repayment burden.