Working Capital Term Loan - Guaranteed Emergency Credit Line (GECL)
Government of India through Ministry of Finance, Department of Financial Services has introduced Emergency Credit Line Guarantee Scheme (ECLGS) to the affected Business entities on account of Covid-19 pandemic prevailing in the World, by providing 100% guarantee coverage for additional working capital term loans.
In line with the above guidelines, Karur Vysya Bank has decided to offer a new product “Working Capital Term Loan-Guaranteed Emergency Credit line (GECL)” to our existing borrowers (All Business Enterprises / MSME borrower) who are facing working capital crunch due to present Covid-19 pandemic.
|Applicability||All existing Business/MSME Enterprises|
|Purpose||To meet operational liabilities built up, buy raw materials and restart business.|
|Eligibility||The combined outstanding loans across all MLIs of up to Rs. 25 crore as on 29.02.2020, and annual turnover of up to Rs. 100 crore for FY 2019-20 |
Business/MSME Enterprises which had NPA or SMA-2 status as on 29.2.2020 shall not be eligible under the Scheme.
GST Number is mandatory wherever applicable.
|Loan Amount||20% of their total outstanding loans up to Rs. 25 Crore (Excluding off balance sheet item viz. LC/BG/CEL) as on 29th February, 2020, subject to the borrower meeting all the eligibility criteria.|
|Rate of Interest||ROI is EBR-R + 1.00% ,subject to maximum of 9.25%.|
|Processing & Other Charges||NIL|
|Repayment||Repayable in 36 EMI’s after the moratorium period is over.(Door to Door tenor is 48 months). Monthly interest to be serviced during moratorium period.|
|Security||No additional collateral shall be furnished for additional funding under GECL. However the additional WCTL sanctioned shall rank Pari passu with the existing credit facilities in terms of cash flows and security. The security charge shall be created within a period of three months from the date of disbursal|
|NCGTC Guarantee||NCGTC shall provide 100% Guarantee coverage and No Guarantee Fee to be payable.|
|Application submission and process||End to end process is through Digital Platform wherever applicable.|
|Helpline Numbers & Email ID for queries, facilitations and Grievances.||Missed Call Helpline No: 8744010333 |
Division Wise Contact Details of Nodal Officers for the product.
|Division||Name of Emp||Telephone No / Email|
|Ahmedabad||Sanjeeb Kumar Jenafirstname.lastname@example.org|
|Coimbatore||Nirmala Devi Memail@example.com|
|Ernakulam||Minu C Nfirstname.lastname@example.org|
|Madurai||Bahee Rathi Memail@example.com|
|Salem||Ganesh Kumar Nfirstname.lastname@example.org|
|Tambaram||Maniganda Durai Remail@example.com|
|Tirupathi||Srinivasa Raju B Vfirstname.lastname@example.org|
|Vijayawada||Pavan Kumar Gemail@example.com|
|Visakhapatnam||Soundaryadeepika B N Sfirstname.lastname@example.org|
|Detailed Guidelines||For further detailed guidelines, please visit https://www.eclgs.com/|