Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 & 2.0 extended upto 30.6.2021
PrintListen to this Article
In recognition of the continuing adverse impact of COVID-19 pandemic on certain service sectors, the Government has now extended the scope of Emergency Credit Line Guarantee Scheme (ECLGS) through introduction of ECLGS 3.0 to cover business enterprises in Hospitality, Travel & Tourism, Leisure & Sporting sectors which had, as on 29.02.2020, total credit outstanding not exceeding Rs. 500 crore and overdues, if any, were for 60 days or less, on that date i.e. 29th Feb 2020.
ECLGS 3.0 would involve extension of credit of upto 40% of total credit outstanding across all lending institutions as on 29.02.2020. The tenor of loans granted under ECLGS 3.0 shall be 6 years including moratorium period of 2 years.
Further, the validity of ECLGS i.e. ECLGS 1.0, ECLGS 2.0 & ECLGS 3.0 have been extended upto 30.06.2021 or till guarantees for an amount of Rs. 3 lakh crore are issued. Last date of disbursement under the scheme has been extended to 30.09.2021.
The modifications introduced in the scheme, while providing an incentive to MLIs to enable availability of additional funding facility to the eligible beneficiaries will go a long way in contributing to economic revival, protecting jobs, and creating conducive environment for employment generation.
The revised operational guidelines in this regard shall be issued by National Credit Guarantee Trustee Company Ltd (NCGTC).
****
Category : MSME | Comments : 0 | Hits : 279
The interim framework reached between India and the United States is expected to play a significant role in strengthening economic cooperation between the two countries by enabling Indian micro, small...
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (...
Government has extended the Credit Guarantee Scheme for Subordinate Debt upto 31st of March next year. Ministry of Micro, Small and Medium Enterprises said, the government had announced creation of...
Comments