Emergency Credit Line Guarantee Scheme (ECLGS)
In these extraordinary times, we at ICICI Bank are committed to stand by our customers to help them tide over the crisis. We are pleased to be part of the Emergency Credit Line Guarantee Scheme (ECLGS) scheme for our esteemed customers.
Launched under ‘Aatmanirbhar Bharat Abhiyan’, the scheme aims at addressing the economic distress faced by businesses/Micro, Small and Medium Enterprises (MSMEs) by providing them additional funding in the form of a fully guaranteed emergency credit line.
Under this scheme, an entity can avail of a Top-Up Loan on their existing Mortgage Loan with ICICI Bank to meet their business requirements.
Existing loan where entity is the primary co-applicant
Combined outstanding loans of not more than 25 Crore
Entities with annual turnover of 100 Crore in FY 2019-20
Eligible entities must be GST registered
Scheme extended to loans under Pradhan Mantri Mudra Yojna
Frequently Asked Questions (FAQs) on Emergency Credit Line Guarantee Scheme
What is Emergency Credit Line Guarantee Scheme (ECLGS) scheme
Emergency Credit Line Guarantee Scheme (ECLGS) is a scheme launched by the Government of India under ‘Atmanirbhar Bharat Abhiyan’ that aims at mitigating the economic distress faced by businesses/Micro, Small and Medium Enterprises (MSMEs) by providing additional funding in the form of a fully ECLGS.
What is the duration of the scheme?
The scheme would be applicable to all loans sanctioned under ECLGS during the period from May 23 to Oct 31, 2020, or till an amount of Rs. 3 lakh crore is sanctioned under ECLGS, whichever is earlier.
I have availed of a loan under Pradhan Mantri MUDRA Yojana (PMMY), will scheme be applicable for me?
Yes, loans under PMMY extended on or before Feb 29, 2020, and reported on the MUDRA portal will be covered under the scheme.
Do I have to pay any processing fee for sanction of loans under ECLGS?
No, you do not have to pay any processing fee for the loan availed under ECLGS scheme.
Is any additional collateral required for the ECLGS facility?
No additional collateral is required for additional credit extended under ECLGS.
I run a business enterprise and have a Goods and Services Tax (GST) registration. However, I am not registered as an MSME nor do I have Udyog Aadhaar. My bank also does not classify me as an MSME borrower. Am I eligible under the scheme?
- You have a total credit outstanding of Rs 25 crore or less as on Feb 29, 2020
- Your turnover for 2019-20 was up to Rs 100 crore
- You have a GST registration or were not required to obtain such GST registration.
Udyog Aadhaar or recognition as MSME is not required under this scheme.
I operate a lending business. Am I eligible?
No. Typically, lending institutions get funds from banks/Non-Banking Financial Companies (NBFCs) through on-lending, refinance, asset purchase, securitisation, assignment, etc. There are, therefore, other windows available including the Partial Credit Guarantee Scheme and the Special Liquidity Facility.
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