The Emergency Credit Line Guarantee Scheme (ECLGS) was launched by the Government of India through Ministry of Finance, as a part of the Rs 20 lakhs crores comprehensive package. The purpose of the ECLGS is to provide an additional credit to the eligible Micro Business Enterprises, Small & Medium Enterprises (MSME) borrowers by way of additional term loan, to meet their operational liabilities and kick start their businesses again which have been obstructed due to the COVID-19 pandemic crisis.
The Applicant shall fulfil all of the following criteria to be eligible for the Product:
* Total Outstanding Amount would comprise of the on-balance sheet exposure such as outstanding amount across Working Capital Loans, and Working Capital Term Loans. Off- balance sheet and non-fund based exposures will be excluded.
To meet business requirements
Nature of Facility
Additional Term Loan
Valid upto 31.10.2020 for sanction
Till an amount of Rs. 3,00,000 Crore as stipulated under the ECLG Scheme is sanctioned by all Banks/FIs/NBFCs put-together, as prescribed by NCGTC
Up to 20% of the Principal Outstanding as on 29 February 2020
Rate of Interest
14% per annum
Repayment Period and Moratorium
Maximum 48 months with first 12 months as Principal repayment Moratorium; during the first 12 months, only Interest would be payable
Processing Fees or Other Charges
100% Guarantee cover under “Emergency Credit Line Guarantee Scheme” of National Credit Guarantee Trustee Company (NCGTC) is available
Guarantors/Co-borrowers to the existing facilities to be continued for this facility
* All loans are subject to approval and credit terms of Auxilo Finserve Pvt Ltd.