Emergency Credit Line Scheme
Nature of Facility:
Additional Working Capital Term Loan
- All Business Enterprises /MSME borrower accounts with combined outstanding loans across all lenders of up to Rs. 25 Crore as on 29.2.2020, and annual turnover of up to Rs. 100 Crore for FY 2019-20 are eligible for the Scheme.
- Loans provided to Business Enterprises / MSMEs constituted as Proprietorship, Partnership, registered company, trusts and Limited Liability Partnerships (LLPs) shall be eligible under the Scheme.
- For the purpose of this Scheme, Business Enterprises / MSMEs would include loans covered under Pradhan Mantri Mudra Yojana extended on or before 29.2.2020 and reported on the MUDRA portal. All eligibility conditions including the condition related to Days past due would also apply to PMMY loans.
- For loans having co-applicant, only those existing loans where entity is the primary co-applicant are covered under the Scheme for additional emergency funding.
- Loans provided in individual capacity (except individual MUDRA loans) are not covered under the Scheme.
- The Scheme is valid for existing customers of Digikredit Finance Pvt Ltd. Borrower accounts should be less than or equal to 60 days past due as on 29th February, 2020 in order to be eligible under the Scheme. i.e. All borrowers which have not been classified as SMA 2 or NPA by any of the lending institutions as on 29th February, 2020 will be eligible for the Scheme.
- Business Enterprises / MSME borrower accounts which had NPA or SMA-2 status as on 29.2.2020 shall not be eligible under the Scheme.
Features of the scheme:
- Up to 20% of the Combined Fund Based outstanding as on 29/02/2020 with All the Lending Institutions – Maximum amount Rs 5 Crore
- 4 years from the date of disbursement.
- Moratorium period of one year on the principal amount shall be provided to borrowers during which interest shall be payable.
- Currently 14%.p.a
- Nil Processing Charges
- No Prepayment Charges