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Emergency Credit Line Guarantee Scheme (ECLGS)

Emergency Credit Line Guarantee Scheme (ECLGS)

Pre-approved Top-Up Loan to Business Enterprises and MSMEs

Background and Objective

The outbreak of Covid-19 pandemic and following event of social and economic lockdown has brought about a nearly complete halt to all the business activities. The operating cycle in many businesses witnessed sudden cessation as the stocks and payment cycles got stuck completely causing liquidity crisis posing a serious threat to the survival of the businesses.
In its fight to control further damage and support the revival of the business and the economy, the GOI through Ministry of Finance has introduced the Emergency Credit Line Guarantee Scheme (ECLGS), through which the Government is targeting to facilitate MSME sector through Banks and NBFCs/HFCs to provide additional credit to exiting borrowers, thereby enabling these enterprises and MSMEs to meet their operational liabilities and restart their businesses.


Eligible Borrowers

This policy shall be applicable to all existing MSME borrowers meeting the policy riders

The offer shall be available for applications getting sanctioned by or before Oct 31, 2020 or this scheme reaching the threshold stipulated by the Government of India under Emergency Credit Line Guarantee

Key highlights of policy

-Annual turnover of the Business enterprise / MSME should be within or up to Rs. 100 cr in FY 2019-20.

-Combined outstanding loans across all lenders to be within Rs. 25 cr as on 29.2.2020

-None of the credit facilities availed by the entity from any of the bank or FI should be over 60 days past-due as on Feb 29, 2020.

-For loans having co-applicants, only loans with entity as the primary co-applicant will qualify under the Scheme.

-Loans provided in individual capacity are not covered under the Scheme.

-Business Enterprises / MSME borrower must be GST registered where such registration is mandatory
Eligible Business Enterprises / MSME borrowers will have an ‘opt-out’ option for the facility.

-Total door to door tenor for the new loan will be maximum up to 48 months with max 12 months interest moratorium.

-The amount of funding under ECLGS would be up to max 20% of total outstanding, subject to the borrower meeting all the eligibility criteria and credit evaluation and assessment as per Indiabulls Housing Finance Limited (IHFL) norms

-No processing Fee will be charged for these loans

-The interest rate will depend upon various factors, but will not be more than the maximum Rate of interest prescribed under the scheme.

-No prepayments charges shall be levied for these loans in case of prepayment of facilities before termination of tenor.

-No additional collateral required and additional funding will be covered by extension of charge on securities already provided.

-In case a borrower has loans from multiple lenders, top-up under this scheme can be availed from any or multiple lenders subject to overall limit maintained.

-All other terms and conditions in loan agreement will remain applicable

For detailed guidelines and FAQs on ECLGS, visit

Disclaimer: This facility is being offered to the eligible MSME borrowers within the scheme guidelines.
Borrower will have to apply for loan through appropriate mode and complete the documentation and furnish the requisite information for processing of the loan.
IHFL will review the application submitted by the interested borrowers and appraise the application keeping in view, inter alia, the credit & risk parameters of the borrower and any other related factors and take the decision accordingly.
The final decision or loan amount and terms of loan may vary, after due appraisal, diligence and verifications.