Emergency Credit Line Guarantee Scheme
The ongoing effects of the global pandemic are prevalent across all spheres of life. Gradually though, most of us continue to take steps towards functioning at a new normal. When taking this effort with your business ventures, don’t let the shortfall of working capital hamper your pace. Conceived as a specific response by the Government of India to this unprecedented situation, Axis Bank offers you the facility to avail of additional loans under the Emergency Credit Line Guarantee Scheme (ECLGS). Offered specifically for MSMEs and Business Enterprises, this additional loan comes with 100% guarantee and can provide the much needed boost to reignite your dreams.
Availing loan under ECLGS
Government of India through Ministry of Finance, Department of Financial Services has introduced the Emergency Credit Line Guarantee Scheme (ECLGS) for providing 100% guarantee coverage for additional working capital term loans upto 20% of their entire outstanding credit upto Rs. 50 crore i.e. upto Rs. 10 crore, as on February 29th, 2020, subject to account being less than or equal to 60 days past due as on that date.