ELI Shall be eligible to seek Guarantee Cover for a credit facility sanctioned in respect of a single FPC borrower for a maximum 2 times over a period of 5 years.
Maximum Guarantee Cover shall be restricted to the extent of 85% of the eligible sanctioned credit facility, or to Rs. 85 Lakh, whichever is lower.
In case of Default, claims shall be settled up to 85% of the Amount in Default subject to maximum cover as specified above.
Other charges such as penal interest, commitment charge, service charge, or any other levies/expenses, or any costs whatsoever debited to the account of FPC by the ELI other than the contracted interest shall bot qualify for Guarantee Cover.
The Cover shall only by granted after the ELI enters into an Agreement with SFAC, and shall be granted or delivered in accordance with the Term and Conditions decided upon by SFAC from time to time.
