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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:
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)
2. Annual turnover of up to Rs. 250 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)
Loan Amount 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.
Interest Rate Not exceeding 14% p.a.
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 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 Nil
Guarantee Fee payable to NCGTC Nil
Opt Out Option This scheme is optional and borrower can choose to opt out
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