Emergency Credit Line Guarantee Scheme (ECLGS)

Siemens Financial Services Private Limited

Write to us for more information

Guaranteed Emergency Credit Line (GECL) Facility Details

Emergency Credit Line Guarantee Scheme (ECLGS)’ (hereinafter referred as the ‘Scheme’) and the credit product for which guarantee would be provided under the Scheme shall be named as ‘Guaranteed Emergency Credit Line (GECL)
 
The Scheme is a specific response to the unprecedented situation COVID-19. It seeks to provide additional liquidity, thereby enabling MSMEs to meet their operational liabilities and restart their businesses.
 
Eligibility Criteria
MSMEs/ Business Enterprises which are constituted as Proprietorships, Partnerships, Registered Companies, Trusts and Limited Liability Partnerships (LLPs), and also interested borrowers under PMMY

No, as per the SFSPL credit guarantee scheme Policy, you will need to apply via email and submit the required documents if you want to avail of the loan under the guarantee scheme. The documents will be evaluated against the eligibility requirements as set out by the guarantee trust and decision will be taken accordingly.

Evaluation criteria is based on the eligibility criteria as mentioned by the ECLGC scheme

 

  1. Borrower with combined outstanding loans across all Member Lending Institutions (*MLIs) of up to Rs. 50 crore as on 29.2.2020, and annual turnover of up to Rs. 250 crore for FY 2019-20 are eligible for the Scheme.
  2. Borrower accounts should be less than or equal to 60 days past due as on 29th February 2020 to be eligible. i.e. All borrowers who have not been classified as SMA 2 or NPA by any of the MLIs as on 29th February 2020 will be eligible for the Scheme subject to the internal Risk assessment of SFSPL.
  3. Borrower must be GST registered in all cases where such registration is mandatory.

 

2nd charge on existing asset to be created and will last the duration of loan under this scheme. 

No, granting the loan is subject to the Guidelines issued by the ECLGC in this regard is subject to the conditions laid down in the Board Approved policy.

No, the scheme is applicable only for hypothecated loans.

Up to 20% of the borrower’s total outstanding credit up to Rs.50 crore. i.e., maximum additional credit shall be up to Rs.10 crore

The scheme will be applicable only for loans outstanding as on Feb 29 2020 and loans after Feb 29, 2020 will not be eligible. 

The tenor is 4 years from the date of disbursement including principal moratorium of 12 months. The borrower can foreclose the loan without any penalty or foreclosure charges. 

Yes, the same will be shared with the credit guarantee trust as and when requested 

The Scheme would be applicable to all loans sanctioned under GECL during the period from May 23, 2020 to 31st October 2020, or till an amount of Rs. 3 lakh crore is sanctioned under GECL by all MLIs, whichever is earlier

The same will be decided upon the credit evaluation but will not exceed 14% p.a as mentioned in the guidelines

A separate loan account will be opened for the borrower. This will be distinct from the existing account

No

No additional collateral required

You can refer website https://www.eclgs.com/  for detailed information

Contact your Sales Manager for availing the loan or you can also reach us on info.sfs.in@siemens.com

Reach out to us in case of any other questions

To avail the loan, please contact your Sales Manager or send us an e-mail

Send an e-mail