We sincerely thank you for trusting us.
Please wait while we are redirecting...
Thank You for Submiting details. We will get in touch with you
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 Enterprises including MSMEs in view of economic distress caused by the COVID-19 pandemic. Features of the scheme are as follows:
Guaranteed Emergency Credit Line (GECL)
Purpose of Loan
Working Capital for restart of business impacted due to Coronavirus (COVID-19) lockdown
All Existing Customers of Fedfina as on 29.02.2020 under following constitution: Proprietorship, Partnership, Limited Liability Partnership (LLP), registered company and Trust Note: Loans provided in individual capacity are not covered under the Scheme
All Business Enterprises /MSME borrower accounts meeting below norms are eligible:
1. Combined outstanding loans of up to Rs. 25 crore as on 29.02.2020 across the lender (Note: Total Outstanding Amount would comprise of the on-balance sheet fund based exposures)
2. Annual turnover of up to Rs. 100 crore for FY 2019-20
3. 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)
4. 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)
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. 5 cr.
Not exceeding 14% p.a.
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
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
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 Installments (EMIs) after the moratorium period is over
Validity of Scheme
The scheme is valid till 31.10.2020 or till an amount of Rs 3,00,000 crore is sanctioned under the GECL Scheme by all banks/NBFCs (as notified by NCGTC), whichever is earlier.
Processing fee/ Pre-payment penalty
Guarantee Fee payable to NCGTC
Opt Out Option
This scheme is optional and borrower can choose to opt out