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We are glad to inform you that Magma Fincorp Limited is a registered Member Lending Institution (MLI) with National Credit Guarantee Trustee Company (NCGTC) to extend term loan to our existing Micro, Small, & Medium Enterprise (MSME) borrowers under ‘Emergency Credit Line Guarantee Scheme (ECLGS)’. Credit extended under the scheme is named as ‘Guaranteed Emergency Credit Line (GECL)’.

The Scheme is a specific response to the unprecedented situation COVID-19. It seeks to provide much needed relief to the MSMEs to meet their operational liabilities and restart their businesses.

Magma Fincorp Limited takes pride in being one of the first NBFCs to disburse GECL loan to MSMEs. We made our first loan disbursal under the aegis of this scheme on 15th June, 2020. At present, we are processing over 2500 GECL applications to provide required support to business enterprises during this pandemic environment. In Magma, GECL loan applications are being processed Digitally with end to end Digital Work Flow with e-signature on loan documents and eNACH.

To know more details on Emergency Credit Line Guarantee Scheme (ECLGS), please click the link – //www.ncgtc.in/en/eclgs