We are pleased to inform that Aye Finance Private Limited has registered with National Credit Guarantee Trustee Company Limited(“NCGTC”) as its Member Lending Institution under ‘Emergency Credit Line Guarantee Scheme (hereinafter referred as the ‘Scheme’) announced by the Government of India on May 23,2020. ECLGS is a collateral-free loan facility with a 100% guarantee from the Government of India to support micro-small-medium enterprises (MSME) to recover from the slowdown caused by COVID-19. To know more click here https://www.eclgs.com/  or https://www.ncgtc.in/

Salient Features of the Scheme

Loan Facility
  • Additional term loan facility for eligible business up to 20% of outstanding as of Feb’29 2020 across all existing lenders.
Eligibility Criteria
  • Annual business turnover as of Mar’ 2020 < 100 Cr
  • Total loan outstanding across all lenders as of Feb’2020 <50 Cr
  • Not more than 60 days past due as on 29th Feb 2020 across all MLIs
  • Borrower should not be NPA on the date of sanction/disbursement.1
Duration of Scheme
  • Scheme is operational till 30th September 2021 or till the government corpus sanctioned under the scheme is utilized.
Tenor
  • 4 years
Moratorium
  • 1 year moratorium on principal amount
Repayment
  • First 12 Months – Interest-only EMI
  • Remaining 36 Months –  Interest + Principal EMI
Security
  • The facility granted under the scheme shall rank second charge with the existing credit facilities in terms of cash flows (including repayments) and security, with charge on the assets financed under the Scheme to be created within stipulated time
Rate of Interest
  • 14% P.A.
Additional Charges
  • No Processing Fee
  • No Prepayment Penalty
Guarantee
  • The facility is backed by 100% guarantee from Government of India through National Credit Guarantee Trust Company (NCGTC)

Note : Guidelines are subject to change from time to time as per the latest Scheme guidelines.