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*|
|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.|
|Eligibility||Business Enterprise / MSMEs:
|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.