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.

Salient features of the scheme is as follows;
Parameter Details
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.
Validity Upto 30.11.2020
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.
Margin Nil
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 Jena 079-27540491/
Bangalore Srikanth Srinivasan 080-26623208/
Chennai Rajkumar P 044-24305454/
Coimbatore Nirmala Devi M 0422-2591120/
Delhi Bharti Sharma 011-28758375/
Ernakulam Minu C N 0484-2396461/
Hyderabad Srilakshmi Nekkanti 040-23206064/
Karur Gayathri N 04324-261675/
Kolkata Dhananjay Giri 033-22900752/
Madurai Bahee Rathi M 0452-2600113/
Mumbai Rajasekhar R 022-24367019/
Salem Ganesh Kumar N 0427-2440075/
Tambaram Maniganda Durai R 044-22267017/
Tirupathi Srinivasa Raju B V 0877-2232169/
Trichy Ganesan R 0431-2416350/
Vijayawada Pavan Kumar G 0866-2485704/ 
Villupuram Narayanasamy P 04146-229368/
Visakhapatnam Soundaryadeepika B N S 0891-2511706/
Detailed Guidelines For further detailed guidelines, please visit
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