Air India is inviting bids for government-guaranteed loans totalling INR4.22 billion ($57.1 million).

A tender document on the flag carrier’s website states that the loan tenor will be up to one year, and the full amount will be drawn by 24 March.

The carrier asks that banks submit their bids by 4pm on 20 March, indicating the principal amount they are willing to offer. The bank with the lowest “all-inclusive interest rate” will be shortlisted first.

“If the loan amount offered is lower than the total required amount then the next lowest bidder would be shortlisted for the balance amount,” Air India says, adding that it would like to draw the short-term loans within seven working days after awarding the bid to the successful bank or banks.

Air India says it reserves the right to repay or refinance the loan during the tenor of the loan without any pre-payment penalty or requiring any notice period.