COVID 19 has posed unprecedented challenges to business and as a relief in these testing times, the Ministry of Finance has introduced “Emergency Credit Line Guarantee Scheme “ECLGS” to provide additional term loan facility to eligible customers.
We at ICICI Home Finance Company Limited (“ICICI HFC”), are happy to extend the scheme to our borrowers meeting the eligibility criteria as prescribed by the guidelines issued by National Credit Guarantee Trust Company (NCGTC), in this regard.
Highlights of the scheme:
MSME borrowers with total outstanding not exceeding 50 crores as on February 29, 2020 are eligible
None of the loan accounts of the borrower should be overdue beyond 60 days.
Additional Term Loan Facility of up to 20% of Outstanding with ICICI HFC as at February 29, 2020 without any additional collateral
Rate of Interest shall be charged as per ICICI HFC policy, but shall not exceed 14%.
The term for Additional Term Loan shall be 48 months, with moratorium period of one year on Principal amount only.
No processing fee shall be charged for the additional term loan.
Waiver of foreclosure/prepayment charges.
List of Documents for initial application:
Application Form, Udyam Registration Certificate, KYC (identity and Address Proof), Turnover Declaration, GST Registration certificate, where business is required to be registered for GST.
To know more about the scheme, you may visit: https://www.eclgs.com
If you are interested to apply: you can reach us along with list of documents;
Our team will get in touch with you for further assistance.
Scheme is valid till March 31, 2021 or meeting the threshold specified by Government of India whichever is earlier.