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Emergency Credit Line Guarantee Scheme (ECLGS)

The Emergency Credit Line Guarantee Scheme (ECLGS) "Scheme" as announced by the Goverment as part of Aatmnirbhar Package to help Business Enterporises including MSMEs in view of economic distress caused by the COVID-19 pandemic. Features of the scheme are as follows:

Parameters Details
Product Name Guaranteed Emergency Credit Line (GECL)
Facility Type Term Loan
Purpose of Loan Working Capital for restart of business impacted due to Coronavirus (COVID-19) lockdown
Eligible Entity All Existing Customers of Fedfina as on 29.02.2020 under following constitution: Proprietorship, Partnership, Limited Liability Partnership (LLP), registered company, Trust, Individuals, Societies & Trust

Note: Loans availed for any usage except Business Purpose are not covered under the Scheme
Eligibility Norms All Business Enterprises /MSME borrower accounts meeting below norms are eligible:
ECLGS 1.0:
1. Combined outstanding loans of up to Rs. 50 crore as on 29.02.2020 across the lender (Note: Total Outstanding Amount would comprise of the on-balance sheet fund based exposures)

ECLGS 2.0:
1. Combined outstanding loans of above Rs. 50 crore upto Rs. 500 Crore as on 29.02.2020 across the lender (Note: Total Outstanding Amount would comprise of the on-balance sheet fund based exposures)
2. Borrower Industry – Any of the 26 impacted industry as defined in Kamath committee report and Healthcare industry

ECLGS 3.0:
1. Borrower Industry – Hospitality, Travel & Tourism and Leisure & Sporting and Civil Aviation (scheduled and non-scheduled airlines, chartered flight operators, air ambulances and airports) only
2. Overall borrowing: No such norms

ECLGS 4.0:
1. Borrower Industry – Hospitals / nursing homes/ clinics /medical colleges / units engaged in manufacturing of liquid oxygen, oxygen cylinders etc.
2. Purpose - For setting up of on-site oxygen producing plants.
3. Escrow mechanism required for repayment

Common Norms:
1. Accounts with less than or equal to 60 Days Past Due (DPD) as on 29.02.2020 across the lender (Borrower accounts which had NPA or SMA-2 status, as on 29.02.2020 are not eligible under the Scheme)
2. All Business Enterprises /MSME borrower to be registered with GST where such registration is mandatory. (This condition will not apply to Business Enterprises / MSMEs that are not required to obtain GST registration)
Loan Amount ECLGS 1.0 & ECLGS 2.0:
Maximum up to 20% of the entire fund based outstanding as on 29.02.2020, subject to the borrower meeting all the eligibility criteria. The maximum loan is upto Rs. 10 cr.
ECLGS 3.0:
Maximum upto 40% of the customer level outstanding from Fedfina as on 29.02.2020 in case ECLGS loan has not been availed till now. However such of these entities who may have availed upto 20% of their fund based credit outstanding as on 29 02 2020 under ECLGS 1 0 or ECLGS 2 0, could get additional upto 20% of the total fund based credit outstanding as on 29.02.2020.
ECLGS 4.0:
Upto 200 Lacs
Interest Rate Not exceeding 14% p.a. (ECLGS 1.0, 2.0 & 3.0)
Max 7.50% (ECLGS 4.0)
Security The GECL facility shall rank second charge with the existing credit facilities, in respect of underlying security as well as cash flows for repayment No additional collateral for funding under GECL
Government Guarantee 1. The entire funding provided under GECL shall be provided with a 100% credit guarantee coverage by NCGTC under the Scheme
2. National Credit Guarantee Trustee Company Ltd (NCGTC) shall provide 100% Guarantee coverage on the outstanding amount for the credit facility provided under the scheme as on the date of NPA
Repayment ECLGS 1.0:
1. Maximum 48 Months from the date of disbursement
2. Principal Moratorium of 12 months. Interest during moratorium period shall be payable by customer on monthly basis
3. The principal shall be repaid in 36 Equal Monthly Instalments (EMIs) after the moratorium period is over

ECLGS 2.0:
1. Maximum 60 Months from the date of disbursement
2. Principal Moratorium of 12 months. Interest during moratorium period shall be payable by customer on monthly basis
3. The principal shall be repaid in 48 Equal Monthly Instalments (EMIs) after the moratorium period is over
ECLGS 3.0:
1. Maximum 72 Months from the date of disbursement
2. Principal Moratorium of 24 months. Interest during moratorium period shall be payable by customer on monthly basis
3. The principal shall be repaid in 48 Equal Monthly Instalments (EMIs) after the moratorium period is over ECLGS 4.0:
1. Maximum 60 Months from the date of disbursement
2. Principal Moratorium of 6 months. Interest during moratorium period shall be payable by customer on monthly basis
3. The principal shall be repaid in 54 Equal Monthly Instalments (EMIs) after the moratorium period is over
Validity of Scheme ECLGS 1.0, 2.0, 3.0 and 4.0 – 30.09.2021 (or before as confirmed by NCGTC) for sanctions and disbursement
Processing fee/ Pre-payment penalty Nil
Guarantee Fee payable to NCGTC Nil
Opt In/ Out Option ECLGS 1.0:
Scheme is optional and borrower can choose to opt out
ECLGS 2.0, ECLGS 3.0 & ECLGS 4.0:
Scheme is basis customer’s request to opt in for the scheme
Restructuring under 2.0 Borrowers who have availed assistance under ECLGS 1.0 and are eligible for restructuring as per RBI guidelines of May 05, 2021 (as amended vide RBI Circular dated June 04, 2021) are permitted to avail of the same.
GECL loans in such cases would be allowed a repayment tenure of upto 5 years, i.e, period upto 24 months during which only interest shall be payable and the principal instalments shall be payable thereafter in 36 monthly instalments.
Borrowers who avail of the restructuring as per above RBI guidelines shall be permitted to avail additional assistance upto 10% of their outstanding as on February 29, 2020 with the respective MLI, provided they have not availed additional assistance under ECLGS 3.0. They shall not be subsequently eligible for ECLGS 3.0, i.e. borrowers may either avail of this additional 10% or additional assistance under ECLGS 3.0, but not both.
Borrower and Fedfina to ensure compliance with the terms and conditions of the said RBI guidelines.
NCGTC Guidelines Please visit https://www.eclgs.com/

For further details on the GECL product please contact your Branch.

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CIN No : U65910KL1995PLC008910