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Emergency Credit Line Guarantee Scheme (ECLGS) by Standard Chartered Bank- Corporate Commercial & Institutional Banking

Government of India, through Ministry of Finance, Department of Financial Services has introduced ECLGS Scheme enabling the Banks to provide credit facilities to eligible borrowers. This scheme has been announced to grant relief to entities by enabling them to meet their operational liabilities and restart business which would have been impacted on account of the unprecedented COVID-19 situation.

Revised ECLGS Scheme has 4 components now, namely ECLGS 1.0, ECLGS 2.0, ECLGS 3.0 & ECLGS 4.0.

Key features of ECLGS scheme have been listed below-

ECLGS 1.0 ECLGS 2.0 ECLGS 3.0 ECLGS 4.0
Facility Type Additional Working Capital Term Loan (WCTL) Additional Working Capital Term Loan (WCTL) and/ or non-fund-based facilities Additional Working Capital Term Loan (WCTL) Additional Term Loan (TL) and/ or non-fund-based facilities
Validity up to Sep 30, 2021 or on reaching the threshold stipulated by the Government of India under ECLGS Scheme up to  Sep 30, 2021 or on reaching the threshold stipulated by the Government of India under ECLGS Scheme up to  Sep 30, 2021 or on reaching the threshold  stipulated by the Government of India under ECLGS Scheme up to  Sep 30, 2021 or on reaching the threshold stipulated by the Government of India under ECLGS Scheme
Eligible Loan amount

Upto 20% of the borrower’s total fund based outstanding as on Feb 29, 2020 

Maximum up to 10 Cr

Upto 20% of the borrower’s total fund based outstanding as on Feb 29, 2020 

Maximum up to 100 Cr

Upto 40% of the borrower’s total fund based outstanding as on Feb 29, 2020 (Borrowers who have already availed sanction under ECLGS 1.0/ 2.0, shall be eligible for additional credit of 20% of their total fund based outstanding  as on Feb 29th, 2020)

Maximum  up to 200 Cr

Maximum up to 2 crores  for setting up on-site oxygen producing plant
Tenure 4 years from date of first disbursement 5 years from the date of first disbursement 6 years from the date of first disbursement 5 years from the date of first disbursement
Moratorium 12 months on Principal repayment 12 months on Principal repayment 24 months on Principal repayment 6 months
Eligible Borrowers
  1. Borrowers with overall fund-based outstanding credit facilities with all banks, non-banking finance companies, financial institutions and other lenders as on Feb 29, 2020 upto INR 50 crores
  2. Borrower should not be classified as SMA 2 or NPA as on Feb 29, 2020

  3. Borrower must have a goods and services tax (GST) registration or be exempted from GST registration.

  1. Borrowers with overall fund-based outstanding credit facilities with all banks, non-banking finance companies, financial institutions and other lenders as on Feb 29, 2020 greater than INR 50 Crores and up to INR 500 Crores
  2. Should not be classified as, SMA2 or NPA as on Feb 29, 2020
  3. Borrower must have a goods and services tax (GST) registration or be exempted from GST registration.
  4. Borrower’s Business falls either under one of the 26 COVID related stress sectors as identified by the Kamath Committee vide RBI circular dated September 7, 2020 or the Healthcare sector

 

  1. Borrower should not be classified as SMA 2 or NPA as on Feb 29, 2020
  2. Borrower must have a goods and services tax (GST) registration or be exempted from GST registration.
  3. Borrowers business falls into –
    a) Hospitality
    b) Travel & Tourism
    c) Leisure & Sporting sector
    d) Civil Aviation
  1. Borrower should not be classified as NPA as on 31 Mar 2021
  2. Borrower must have a goods and services tax (GST) registration or be exempted from GST registration.
  3. Borrowers business falls into –Hospitals/nursing homes/clinics/ medical colleges / units engaged in manufacturing of liquid oxygen, oxygen cylinders etc. for setting up of on-site oxygen producing plants

Key highlights:

  • Purpose of scheme is to augment net working capital, meet operating liabilities and restart operations impacted on account of the unprecedented COVID-19 situation
  • Nil processing fees, nil foreclosure charges & no prepayment penalty
  • Credit under ECLGS scheme will rank second charge with the existing credit facilities in terms of cash flows (including repayments) & securities, with charge on the asset financed under the scheme to be created on or before 30th Sep or date of NPA, whichever is earlier.

For detailed guidelines and FAQs on ECLGS, visit https://www.eclgs.com/

Eligible Borrowers shall receive a SMS or email from Standard Chartered Bank on their registered mobile number/ email id informing them about the scheme. On receipt of the SMS/ email, eligible Borrowers may contact their Relationship Manager for further details with respect to the scheme. Please note that the loan will be subject to completion of documentation prescribed by Standard Chartered Bank.

Disclaimer: The additional loans that are proposed to be provided by Standard Chartered Bank are governed by the Operational Guidelines on the Emergency Credit Line Guarantee Scheme (“Scheme”) issued by National Credit Guarantee Trustee Company (“NCGTC”) and is subject to change from time to time. The terms and conditions of the loan may be modified, varied or supplemented by the Bank from time to time in view of any changes to the Scheme by NCGTC and the Bank shall not be held liable for the same.