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Emergency Credit Line Guarantee Scheme (ECLGS) offering by Standard Chartered Bank

Facility Type             : Additional Working Capital Term Loan (WCTL)

Validity                       : Scheme is available up to Oct 31, 2020 or on reaching the threshold stipulated by the Government of India under Emergency Credit Line Guarantee Scheme (ECLGS).

Purpose                   : The purpose of the scheme is to provide credit at low cost to MSME’s to aid them in  meeting their operational liabilities & restart their business.

Loan Amount           : Credit under the scheme would be up to 20% of the borrower’s total outstanding credit up to Rs. 25 crores, excluding off balance sheet and non -fund based exposures, as on 29th February 2020. Additional credit shall be up to Rs. 5 crores

Tenure                        : 48 months including principal moratorium for first 12 months.

Key highlights:

  • Borrowers with up to INR 25 crore outstanding as on Feb 29, 2020 and up to INR 100 crore annual turnover for FY 2020 will be eligible.
  • Loans sanctioned under GECL would be up to 20% of the borrower’s total outstanding credit as on Feb 29, 2020.
  • Loans provided to Business Enterprises/MSMEs shall be eligible under the Scheme.
  • Borrower accounts which had NPA or SMA-2 status as on Feb 29, 2020 shall not be eligible under the scheme.
  • Business Enterprises/MSME borrower must be Goods and Services Tax (GST) registered 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.
  • No additional collateral requirement.
  • Nil guarantee fess, processing fees or foreclosure charges

For detailed guidelines and FAQs on ECLGS, visit https://www.ncgtc.in/en/eclgs .

How do I apply for the ECLGS working capital term loan with Standard Chartered Bank?
You shall receive an SMS and an Email from Standard Chartered Bank on your registered mobile number and email address confirming the eligible loan amount. On receipt of the SMS you may apply for the ECLGS working capital term loan by sending an SMS “” ECLGS space <<your loan account number>> to 9987123123. Please note the loan is subject to completion of documentation prescribed by Standard Chartered Bank.

If a have more than one Loan with Standard Chartered Bank will I be offered single loan as an additional ECLGS working capital term loan?
Yes, if you have more than one loan facility with Standard Chartered Bank in terms of LAP (Loan against Property), BIL (Business Instalment Loan), BWC (Business Working Capital) you will be offered a single loan which would be 20% of the outstanding balances as of 29th February 2020

Will the ECLGS working capital term loan be a top-up over and above my existing loan?
The ECLGS Working capital term loan shall be an additionality loan over and above the existing loan(s)

Do I have to pay any Fees to avail the ECLGS Working capital term loan?
There will be no Guarantee Fee, Processing Fee and Foreclosures charges applicable on the ECLGS working capital term loan. The Interest Rate shall be capped to 9.25%.

What is be the tenor of the ECLGS  Working Capital Term Loan?
The tenor shall be 48 months which includes principal moratorium for the first 12 months.

 If I have an existing LAP & Working capital limits with Standard Chartered Bank, will a 2nd charge be created on the existing collateral(s) / asset(s) provided?
Yes a second charge will be created in terms of cash flows (including repayments)  and securities, with the charge on the assets financed under the scheme to be created within a period of 3 months.

Disclaimer: The additional loans that are proposed to be provided by Standard Chartered Bank are governed by the Operational Guidelines on the Emergency Credit Line Guarantee Scheme (“Scheme”) issued by National Credit Guarantee Trustee Company (“NCGTC”) and is subject to change from time to time. The terms and conditions of the loan may be modified, varied or supplemented by the Bank from time to time in view of any changes to the Scheme by NCGTC and the Bank shall not be held liable for the same.