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Benefits and Features

06_Attractive-interest-rate

Attractive interest rate

Interest rate of 8.25% per annum

07_Pre--Approved-offer

Pre--Approved-offer

Pre--Approved loan up to Rs.10 crore

08_Minimal-documentation

Minimal documentation

Minimal documentation with no processing fee

09_Loan-tenure-up-to-4-year

Loan tenure up to 4 year

including moratorium of one year

10_No-pre-payment-charges

No pre-payment charges

Early settlement of loan without any charges

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Frequently Asked Questions (FAQs) on Emergency Credit Line Guarantee 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.

 

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.

 

Yes, loans under PMMY extended on or before Feb 29, 2020, and reported on the MUDRA portal will be covered under the scheme.

 

No, you do not have to pay any processing fee for the loan availed under ECLGS scheme.

 

No additional collateral is required for additional credit extended under ECLGS.

 

  • 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.

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.

 

Eligibility Criteria

 

  • 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

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