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 businesses up to 30% of outstanding as on Feb 2020/March 2021 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 Feb 2020/March 2021 across all MLIs.
  • Borrower should not be NPA on the date of sanction/disbursement.1
Duration of Scheme
  • Scheme is operational till 31st March 2023 or till the government corpus is sanctioned.
Tenor
  • 4 Years/ 5 Years (Basis the Outstanding Eligibility Checks)
Moratorium
  • 1 year Moratorium on principal for loans which are sanctioned with 4 years of total tenor
  • 2 year Moratorium on principal for loans which are sanctioned with 5 years of total tenor
Repayment
  • First 12 months- Interest Only EMI for loans which are sanctioned with 4 years of total tenor
  • First 24 months- Interest Only EMI for loans which are sanctioned with 5 years of total tenor
  • 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.