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Emergency Credit Line Guarantee Scheme (ECLGS)

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Emergency Credit Line Guarantee Scheme (ECLGS)

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.

Loan amount:
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)

Eligible borrower:

  • 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.
     

Other Key Highlights:

  • Business Enterprises/MSME borrower must be Goods and Services Tax (GST) registered in all cases where such registration is mandatory. This condition will not apply to Business Enterprises/MSMEs that are not required to obtain GST registration.
  • Borrower accounts should be less than or equal to 60 days past due as on 29th February, 2020. Borrower accounts which had NPA or SMA-2 status as on Feb 29, 2020 shall not be eligible under the scheme.
  • Rate of interest will be 14% p.a.
  • Nil processing charges and waiver of foreclosure/prepayment charges.
  • No additional collateral requirement.

For complete details of the scheme, please visit: https://www.eclgs.com

To avail the facility, please write to wecare@bajajfinserv.in

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