Emergency Credit Line Guarantee Scheme (ECLGS) was announced by the Finance Ministry of India, due to the economic loss by the COVID-19. The scheme formed a part of the Rs. 20 lakh crore comprehensive package for existing MSMEs or business enterprises to help them meet their daily operational expenses and maintain a healthy working capital or cash flow and invest in avenues to keep their business functioning.
Below are the details of the scheme-
Facility type: Term Loan
Validity: Scheme is available up to Oct 31, 2020 or on reaching the threshold (Rs. 3 lakh crore) stipulated by the Government of India under the Emergency Credit Line Guarantee Scheme.
Purpose: The objective of the program is to extend benefit of the ECLGS scheme, launched by Government of India through National Credit Guarantee Trust Company Ltd (NCGTC), for Bajaj Finance Limited’s existing customers in the form of additional term loan facility in view of COVID 19 crisis.
Loans sanctioned under Guaranteed Emergency Credit Line (GECL) would be up to 20% of the borrower’s total outstanding credit as on Feb 29, 2020.
Tenor: 48 months (For the period of 1 year, only interest shall be payable and for subsequent years, principal plus interest shall be payable)
Loans provided to Business Enterprises/MSMEs constituted as Proprietorship, Partnership, registered company, trusts and Limited Liability Partnerships (LLPs) shall be eligible under the scheme. Loans provided to individuals for business purpose shall also be eligible.
Borrowers with combined outstanding loans across all Member Lending Institutes (MLIs) of up to INR 50 crore as on Feb 29, 2020 and annual turnover up to INR 250 crore in FY 2019-20 will be eligible.
For complete details of the scheme, please visit: https://www.eclgs.com
To avail the facility, please write to firstname.lastname@example.org
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