The Emergency Credit Line Guarantee Scheme
(ECLGS)

The Emergency Credit Line Guarantee Scheme

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.

Key Features

No additional collateral requirement
No additional collateral requirement
12 months principal moratorium
12 months principal moratorium
48 months tenure from the date of disbursement
48 months tenure from the date of disbursement
Zero processing fee
Zero processing fee
Nil Pre-Closure & Pre-Payment charges
Nil Pre-Closure & Pre-Payment charges
Interest rate charged is capped at 14%
Interest rate charged is capped at 14%

key highlights

Parameters Details

Product

ECLGS Loan

Eligibility

The Applicant shall fulfil all of the following criteria to be eligible for the Product:


  • The Applicant should have been an existing borrower of Auxilo as on 29 February 2020
  • Borrower accounts should be less than or equal to 60 days past due as on 29 February, 2020 in order to be eligible under the Scheme.
  • The MSME/Business Enterprise which are constituted as Proprietorship concern / Partnership Firm / Registered Company / Trust / Limited Liability Partnership
  • Total outstanding amount of the applicant should not exceed Rs. 25 Crores as on 29 February 2020
  • Applicant’s accounts should be Regular or SMA 0 or SMA 1 as on 29.02.2020 with all Banks / NBFCs / FIs including Auxilo
  • Audited/Provisional Annual Turnover of the applicant should not exceed Rs. 100 crores for the
    FY 2019-20
  • Loans provided in individual capacity are not covered under the Scheme
  • GST registration is mandatory unless the applicant is exempted from GST registration

* 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.

Purpose

To meet business requirements

Nature of Facility

Additional Term Loan

Validity

Valid upto 31.10.2020 for sanction

OR

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

Loan Amount

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

NIL

Security

  • Extension of existing security for the Product on second charge basis (Primary and Collateral)
  • Charge over floating and fixed assets created out of the loan proceeds to be created (if applicable)
  • No additional collateral

Credit Guarantee

100% Guarantee cover under “Emergency Credit Line Guarantee Scheme” of National Credit Guarantee Trustee Company (NCGTC) is available

Guarantors/Co-borrowers

Guarantors/Co-borrowers to the existing facilities to be continued for this facility

Prepayment Charges

Nil

Please complete the form below to
Check Your Eligibility

For more details

https://www.ncgtc.in/en/eclgs | https://www.eclgs.com/

* All loans are subject to approval and credit terms of Auxilo Finserve Pvt Ltd.