To provide relief to the MSME sector in the unprecedented Covid-19 situation by providing additional credit at low cost, thereby enabling MSMEs to meet their operational liabilities and restart their businesses, ECLGS scheme was launched by the Government of India. Loans provided to Business Enterprises/MSMEs constituted as Proprietorship, Partnership, registered company, trusts and Limited Liability Partnerships (LLPs) shall be eligible under the respective scheme, falling under specific sectors Business Enterprises/MSME borrowers must have 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. Borrower accounts, which had NPA or SMA-2 status as on Feb 29, 2020, shall not be eligible under the ECLGS 1.0/2.0 and 3.0 scheme. The moratorium period for ECLGS 1.0 extension, ECLGS 2.0 extension and ECLGS 3.0 Extension is 2 years. The moratorium period for ECLGS 4.0 is 6 months. Nil processing charges and waiver of foreclosure/prepayment charges. No additional collateral requirement. For further information and detailed guidelines & FAQs on ECLGS, visit ECLGS site.
*Terms and Conditions apply