The Government of India, the banking sector and other financial institutions offer support to small and medium enterprises to grow, helping them expand and thrive within the market. This funding is that the MSME loans. Many lending institutions offer the MSME loan. But, to assist current borrowers, the govt has recently introduced a loan scheme to assist businesses impacted by COVID. The loans are covered under the Emergency Credit Line Guarantee or ECLG scheme.
So, allow us to see how you'll get the ECLG MSME loan:
Meet the criteria : You've got to be an existing borrower with the lender. Companies who can avail this facility include Proprietorships, Partnerships, Registered Companies, Trusts, indebtedness Partnerships and interested borrowers under the Pradhan Mantri Mudra Yojana Scheme.
Know the quantity you'll apply for : Borrowers can apply for loans of up to twenty of their outstanding credit of up to Rs 20 crore as on 29th February 2020. If you've got taken a loan that exceeds quite 20% and you've got taken a loan from multiple lenders, then a NOC is required from the remainder of the lenders.
Understand the many features of the loan : While the loan has many features, the 2 most defining ones are
The National Credit Guarantee Trustee Company backs the loans approved by Member Lending Institutions under this scheme.A moratorium period is provided for one year - the principal amount is to be paid in 36 instalments after the moratorium period is over.
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