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Apply For Emergency Credit Line Guarantee Scheme (ECLGS) in Bahadurgarh

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Apply For Emergency Credit Line Guarantee Scheme

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Emergency Credit Line Guarantee Scheme

Due to the economic challenges brought about by the COVID-19 pandemic, the Finance Ministry introduced the Emergency Credit Line Guarantee Scheme (ECLGS). This initiative offers 100% guarantee coverage for the Guaranteed Emergency Credit Line (GECL) assistance, based on the outstanding loan amount as of either February 29, 2020, or March 31, 2021, whichever is higher. Eligible borrowers, including Business Enterprises and Micro, Small, and Medium Enterprises (MSMEs), can benefit from this scheme. The ECLGS applies to all loans approved under GECL from May 23, 2020, to March 31, 2023, or until guarantees totaling Rs. 4.5 lakh crore are issued by NCGTC, whichever comes first.

Benefits of Emergency Credit Line Guarantee Scheme

Home Construction loan benefits are numerous, making them an attractive option for aspiring homeowners. Here are some key advantages.

Loan sanctioning

20% of the total outstanding credit of borrowers can be sanctioned as a loan under the Guaranteed Emergency Credit Line (GECL), for those who having a loan as on Feb 29, 2020.

No processing charges

collateral required Processing charges, foreclosure and prepayment charges will be waived. No collateral is required for this scheme.

Eligibility of applicants

Borrowers with up to Rs. 50 Crore outstanding as on Feb 29, 2020 is eligible for this scheme.

Documents Required for Home Loan

Identity Proof

Your PAN Card is mandatory, and any one of these:
• Passport
• Voter ID
• Aadhar Card
• Driving License

Address Proof

• Passport
• Voter ID
• Aadhar Card
• Electricity bill/ water bill/ telephone bill
• Driving License

Proof of Income

• Salary Slips/Bank Statement/Form 16
• Salary Certificate

Other Documents

• Signed Application Form with Picture
• Cheque For Processing Fee
• Bank Statement of Last 6 Months

Property Documents

• Title Deeds of the Property
• Proof of No Encumbrances on the property

Identity Proof

Your PAN Card is mandatory, and any one of these:
• Passport
• Voter ID
• Aadhar Card
• Driving License

Address Proof

• Passport
• Voter ID
• Aadhar Card
• Electricity bill/ water bill/ telephone bill
• Driving License

Proof of Income

• IT Returns and/or Financial Statements of last 3 years And/or
• Informal Income Documents

Other Documents

• Signed Application Form with Picture
• Cheque For Processing Fee
• Bank Statement of Last 6 Months
• Proof of business existence

Property Documents

• Title Deeds of the Property
• Proof of No Encumbrances on the property

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Frequently Asked Questions

ECLGS is a financial relief initiative introduced by the government to support businesses, including Micro, Small, and Medium Enterprises (MSMEs), during the economic challenges caused by the COVID-19 pandemic. It provides guaranteed emergency credit to eligible borrowers to help them sustain and revive their businesses.
Eligible borrowers include Business Enterprises and MSMEs with existing loans as of either February 29, 2020, or March 31, 2021, whichever is higher. Specific criteria may vary, so it's advisable to check with the respective financial institutions.
GECL assistance refers to the credit line provided to eligible borrowers under ECLGS, with a 100% guarantee coverage. This financial support aims to help businesses meet their operational and financial requirements.
ECLGS offers a 100% guarantee coverage for the Guaranteed Emergency Credit Line assistance, ensuring that the financial institutions are protected against losses, enabling them to provide credit to businesses with confidence.
The scheme was applicable for loans sanctioned under GECL from May 23, 2020, to March 31, 2023. It's important to note that specific deadlines and guidelines may be subject to change, so applicants should verify the current information from official sources.
To apply for ECLGS, eligible borrowers can approach their respective financial institutions, such as banks and non-banking financial companies (NBFCs). These institutions will guide applicants through the application process, document submission, and other necessary requirements.