Emergency Credit Line Guarantee Scheme (ECLGS)

Saraswat Co-op Bank offers finance under this scheme to Business Enterprises/ MSME/ Individual borrowers, in order to help businesses tide over a liquidity squeeze due to Covid 19 Pandemic.

Purpose:

To support business entities' and MSME borrowers' working capital needs, meet operational liabilities and help resume their businesses affected due to the COVID-19 pandemic.

Validity:
The scheme has now been extended up to Mar 31, 2023 or on reaching the guarantee amount of INR 5.0 lakh crore by the Government of India, under the Emergency Credit Line Guarantee Scheme (ECLGS). The last date of disbursement has been extended up to Jun 30, 2023.

Eligibility:

Under ECLGS 1.0 & 1.0 Extension, the borrowers meeting the eligibility criteria as defined by the guidelines, with combined outstanding loans across all MLIs of up to Rs. 50 crore in any sector can be provided with assistance of up to 30% of the total outstanding credit (fund based only and excluding the availed ECLGS limit) as on Feb 29, 2020 or Mar 31, 2021, whichever is higher
Under ECLGS 2.0 & 2.0 Extension, the borrowers from 26 identified sectors based on the Kamath Committee and the Healthcare Sector, meeting the eligibility criteria (no individuals), as defined by the guidelines, with combined outstanding loans across all MLIs of above Rs. 50 crore and not exceeding Rs.500 crore, can be provided with assistance of up to 30% of the total outstanding credit (fund based only and excluding the availed ECLGS limit) as on Feb 29, 2020 or Mar 31, 2021, whichever is higher
Under ECLGS 3.0 & 3.0 Extension, the eligible borrowers who meet the eligibility criteria as defined in the guidelines and falling under stressed sectors like Hospitality, Travel & Tourism and the Leisure & Sporting sector, Civil Aviation etc. Borrowers can be provided with assistance of up to 50% of their total outstanding limit (fund based only and excluding the availed ECLGS limit) as on Feb 29, 2020 or Mar 31, 2021 or Jan 31, 2022, whichever is higher. The maximum assistance is capped at INR 200 crore
The Borrowes under Aviation sector can be provided assistance upto 50% of borrower's total fund based and non-based outstanding credit, subject to maximum of Rs 400 crore per borrower, as on Feb 29, 2020 or Mar 31, 2021 or Jan 31, 2022, whichever is highest. However, for airlines, the maximum eligibility shall be 100% of their total credit outstanding (both fund based and non-fund based outstanding, net of ECLGS support already received, if any) as on Feb 29, 2020 or Mar 31, 2021 or Jan 31, 2022, whichever is higher, subject to a cap of Rs.1,500 crore per borrower (of which up to Rs.500 crore to be allowed only subject to proportionate equity contribution by the promoters/owners)
Under ECLGS 4.0, a maximum of up to INR 2 crore can be granted to existing Hospitals/Nursing homes/Clinics/Medical colleges/units engaged in the manufacturing of liquid oxygen, oxygen cylinders etc. for the setting up of on-site oxygen producing plants, and they should not be Non-Performing Assets (NPA), as on Mar 31, 2021.

Key Features:

Loans provided to Business Enterprises/MSMEs constituted as Proprietorship, Partnership, registered company, trusts and Limited Liability Partnerships (LLPs) shall be eligible under the respective scheme.
Loans provided to individuals for own business purposes will be covered under the Scheme.
Loans provided under PMMY extended on or before 29.2.2020 and reported on MUDRA portal
Business Enterprises/MSME borrowers must have Goods and Services Tax (GST) registration in all cases where such registration is mandatory. This condition will not apply to Business Enterprises/MSMEs that are not required to obtain GST registration.

Borrower accounts shall not be eligible under below schemes:

ECLGS 1.0	Which has NPA or SMA 2 status as on 29.2.2020
ECLGS 2.0
ECLGS 3.0
ECLGS 1.0(Extension)	Which has NPA or SMA 2 status as on 31.03.2021
ECLGS 2.0(Extension)	Which has NPA or SMA 2 status as on 31.03.2021
ECLGS 3.0(Extension)	Which has NPA or SMA 2 status as on 31.03.2021 or 31.01.2022
ECLGS 4.0	Which has NPA status as on 31.03.2021

Repayment Tenure:

Type of facility	Total repayment period including moratorium	Moratorium period
ECLGS 1.0 (without restructuring)	4 years from the date of first disbursement	1 year
ECLGS 1.0 extension	5 years from the date of first disbursement	2 years
ECLGS 2.0	5 years from the date of first disbursement of fund based facility or first date of utilisation of non- fund based facility, whichever is earlier	1 year
ECLGS 2.0 extension	6 years from the date of first disbursement of fund based facility or first date of utilisation of non- fund based facility, whichever is earlier. To be eligible for non-fund-based facility, first utilisation must happen on or before June 2022.	2 years
ECLGS 3.0 & 3.0 extension	6 years from the date of first disbursement	2 years
ECLGS 4.0	5 years from the date of first disbursement of fund-based facility or first date of utilization of non-fund-based facility, whichever is earlier. Last date of disbursement for fund-based facility and utilisation of non-fund based shall be June 30, 2022	6 months

• Nil processing charges and waiver of foreclosure/prepayment charges

• No additional collateral requirement.

Updated operational guidelines as on Oct 06, 2022 and FAQs as on Apr 06, 2023 have been uploaded on www.eclgs.com

Terms and Conditions apply.

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Emergency Credit Line Guarantee Scheme (ECLGS)

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