To meet your operational liabilities and restart your business affected by Covid-19 pandemic, we are offering you the option of Emergency Credit Line Facility – guaranteed by Government of India.
Under this facility you can avail up to 20% of your existing outstanding loan with Mahindra Finance as on 29th February 2020. Details of the scheme are given below
Salient Features of the ECLGS Scheme *:
| Scheme | Emergency Credit Line Guarantee Scheme (ECLGS) – a Scheme announced by Govt of India on May 23, 2020 for Covid-19 affected Business Enterprise / MSME. |
| Loan Product | Guaranteed Emergency Credit Line (GECL) |
| Nature of facility | Additional term loan upto Rs.5 crore or 20% of outstanding borrowing with Mahindra Finance as on February 29, 2020* |
| Tenor | 4 years |
| Moratorium | 12 months |
| Repayment | In 36 months after 12 month moratorium is over. Interest to be paid on a monthly basis even during Moratorium. |
| Security | Charge on assets created out of our loan |
| Collateral | No collateral required |
| Interest Rate | Upto 14% p.a. |
| Charges |
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| Eligibility | Business Enterprise / MSMEs:
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| Guarantee | The facility would be backed by 100% guarantee the Government of India through implementing agency - NCGTC (National Credit Guarantee Trustee Company) |
* Conditions apply. For more details on the Scheme, please visit https://www.eclgs.com/ or get in touch with your Relationship Manager.