Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.
The Emergency Credit Line Guarantee Scheme (ECLGS) is an MSME loan scheme. It has been launched specifically to help MSMEs and other small business entities to deal with the working capital issues caused due to the impact of the ongoing COVID-19 pandemic and the subsequent lockdown.
This scheme provides an additional capital of Rs 3,00,000 crore to business enterprises, primarily MSMEs. This capital is a guaranteed emergency credit line to help MSMEs get their business operations back on track by provision of access to working capital at a time when credit has become difficult to obtain.
MSMEs and other business enterprises which are registered as proprietorships, partnerships or private limited companies will be the beneficiaries of this scheme.
National Credit Guarantee Trustee Company Ltd (NCGTC) is a private limited company which was incorporated in 2014 by the Ministry of Finance as a wholly owned company of Government of India for acting as a common trustee for various credit guarantee schemes.
Through the ECLGS scheme, the NCGTC provides a 100% guarantee coverage in the form of a guaranteed emergency credit line (GECL) facility for an additional funding upto Rs 3 lakh crore to eligible borrowers.
Borrowers, for the purpose of this Scheme, will include individuals as well as MSMEs/ Business Enterprises which are constituted as Proprietorships, Partnerships, Registered Companies, Private Ltd companies. Actual eligibility criteria will depend on a variety of factors, including SMFG India Credit’s policies at the time of loan application.
Guaranteed Emergency Credit Line (GECL) scheme provided to eligible business enterprises or MSMEs in the form of additional term loan facility from SMFG India Credit would be upto 20% of their total outstanding loans up to Rs 50 crore as on 29th February 2020.
For ensuring that the cost of borrowing remains low and that the scheme is beneficial for borrowers, at SMFG India Credit, we are offering attractive interest rates for the loans offered under this scheme. Please note that the final interest rate offered to you will depend on a number of factors, including SMFG India Credit’s policy at the time of application.
At SMFG India Credit, it is our continuous effort to enable customers achieve their dreams and aspirations – be it personal, or related to their businesses. Thus, if you have an existing loan with us and would like to apply for GECL loans with us, please feel free to get in touch with us today. You can do so by:
Calling on our toll free number - 1800 103 6001 between 9:00 AM – 7:00 PM on all days (except public holidays & fourth Saturday of the month)
A moratorium period of one year on the principal amount shall be provided for GECL funding. Interest shall, however, be payable during the moratorium period. The principal shall be repaid in 36 instalments after the moratorium period is over.