Mahindra Finance offers Guaranteed Emergency Credit Line Scheme to existing Business Enterprises and MSME borrowers backed by 100% Guarantee of Govt. of India under Emergency Credit Line Guarantee Scheme (ECLGS) launched on May 23, 2020 for COVID-19 affected enterprises.
| Guaranteed Emergency Credit Line (GECL) |
| Interest rate |
14% per annum |
| Loan Amount |
Up to Rs. 5 crore |
| Tenor |
4 years |
| Repayment Tenure |
36 months after 12 month moratorium is over |
| Collateral |
Not required |
| Processing Fee |
Nil |
| Guarantee Fee |
Nil |
| Security |
Charge on assets created out of our loan |
| Moratorium |
12 months |
| Annual Turnover |
Up to Rs. 100 crore for FY19-20 |
| Individual Loans |
Not covered under this scheme |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned fee & charges.
Additional term loan up to Rs. 5 crore or 20% of outstanding borrowing with Mahindra Finance as on February 29, 2020. This loan scheme is backed by 100% guarantee the Government of India through implementing agency – NCGTC (National Credit Guarantee Trustee Company)
Contact Details
Toll free number: 1800-233-1234
(Mon–Sat, 8am to 8pm)
Email: share.mmfsl@mahindra.com
Contact Address
Mahindra & Mahindra Financial Services Limited
4th Floor, Mahindra Towers,
Dr. G.M. Bhosale Marg,
P.K. Kurne Chowk, Worli,
Mumbai 400 018.
