Through Union Guaranteed Emergency Credit Line, customers can get their credit line extended. Let us tell you that recently the government had extended this credit line scheme till September.
The Government of India had started the Emergency Credit Line Guarantee Scheme for Micro, Small and Medium Enterprises and recently it was expanded by the Central Government. Under this scheme, Union Bank of India has also given an opportunity to traders to take advantage of this scheme. The bank has also launched the Union Guaranteed Emergency Credit Line scheme by Union Bank of India under the Credit Guarantee Scheme, which can be availed by many merchants. Also you can boost your business.
Union Bank of India has given this information through the official Twitter account. In such a situation, if you also have a loan with UBI, then you can take advantage of it by increasing the credit line. In such a situation, know which customers can benefit from the initiative taken by UBI.
Who will get the benefit of this?
The benefit of this is going to be available to all those traders who have taken a loan of up to Rs 50 crore or the traders whose firm has a turnover of up to Rs 250 crore. Along with this, individual, partnership, registered company, trust etc. will get the benefit. In this scheme, the credit limit of the customers will be increased.
Will you have to pay like this?
Those who have taken a loan under ECLGS 1.0 will now get five years to repay the loan instead of four years. The interest on this loan will have to be paid for 24 months only. The principal and interest of the loan will have to be repaid in the subsequent 36 months. Also, the Ministry recently released the conditions of Emergency Credit Line Guarantee Scheme 4.0, in which the existing limit of Rs 500 crore of loan outstanding has also been removed. That is, till now guidelines have been issued on this.
Your business needs are unique. Get your business going with Union Emergency Credit Line Guarantee Scheme. Know more here : https://t.co/TVL0E9kzNP #DigitalApnayen#UnionBankOfIndia#UnionBankOfIndiaCares pic.twitter.com/5Vhzs0AlNs
— Union Bank of India (@UnionBankTweets) July 22, 2021
How to get benefit?
In such a situation, bank customers will have to contact their nearest bank branch, where you can get the credit limit increased for your loan. According to UBI, the benefit of 100% guarantee coverage is also being given and no guarantee and processing fee will be charged from the customers for this.
Let us inform you that the validity of ECLGS has been extended till September 30, 2021 or till the issue of guarantee for an amount of Rs. Distribution is allowed till December 31, 2021.
