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Centre expands scope of ECLGS to aid MSME sector amid disruption caused by 2nd wave of COVID-19
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Union Government today further expanded the scope of the Emergency Credit Line Guarantee Scheme (ECLGS) amid the economic disruption caused by the second wave of COVID-19 pandemic to aid the Micro, Small and Medium Enterprises (MSMEs) sector
Union Government today further expanded the scope of the Emergency Credit Line Guarantee Scheme (ECLGS) amid the economic disruption caused by the second wave of COVID-19 pandemic to aid the Micro, Small and Medium Enterprises (MSMEs) sector.
The ministry said, Under 'ECLGS 4.0', 100 per cent guarantee cover will be extended to loans of up to Rs 2 crore given to hospitals, nursing homes, clinics, medical colleges for setting up on-site oxygen generation plants.
The finance ministry said, the interest rate has been capped at 7.5 per cent for the same. It said, Civil Aviation sector be eligible under ECLGS 3.0. The ministry said, Validity of ECLGS extended to September 30, 2021, or till guarantees for an amount of Rs 3 lakh crore is issued.
Disbursement under the scheme has been permitted up to December 31, 2021. The current ceiling of Rs 500 crore of loan outstanding for eligibility under 'ECLGS 3.0' will be removed, subject to maximum additional ECLGS assistance to each borrower is limited to 40 per cent or Rs 200 crore.
The modifications in ECLGS would enhance the utility and impact of ECLGS by providing additional support to MSMEs, safeguarding livelihoods and helping in the seamless resumption of business activity. These changes will further facilitate the flow of institutional credit at reasonable terms.
