Indian govt extends ECLGS until November 30

2020/11 03 05:11

In view of the opening up of varied sectors within the financial system and the anticipated enhance in demand throughout the ongoing festive season, the Union Authorities has prolonged the Emergency Credit score Line Assure Scheme (ECLGS) until November 30, 2020, or until such time that an quantity of three lakh crore is sanctioned underneath the scheme, whichever is earlier.

“This extension will present an additional alternative to such debtors who haven’t availed of the scheme to this point, to acquire credit score underneath the scheme,” in accordance with the ministry of finance.

The ECLGS was introduced as a part of the Aatma Nirbhar Bharat Package deal (ANBP) to supply absolutely assured and collateral free extra credit score to MSMEs, enterprise enterprises, particular person loans for enterprise functions and MUDRA debtors, to the extent of 20 per cent of their credit score excellent as on February 29, 2020.

Debtors with credit score excellent as much as 50 crore as on February 29, 2020, and with an annual turnover of as much as 250 crore are eligible underneath the scheme. Rates of interest underneath the scheme are capped at 9.25 per cent for banks and FIs, and 14 per cent for NBFCs. Tenor of loans supplied underneath the scheme is 4 years, together with a moratorium of 1 12 months on precept compensation.

As per information uploaded by Member Lending Establishments on the ECLGS portal, an quantity of 2.03 lakh crore has been sanctioned underneath the scheme to 60.67 lakh debtors to this point, whereas an quantity of 1.48 lakh crore has been disbursed.

Fibre2Fashion Information Desk (RKS)

In view of the opening up of varied sectors within the financial system and the anticipated enhance in demand throughout the ongoing festive season, the Union Authorities has prolonged the Emergency Credit score Line Assure Scheme (ECLGS) until November 30, 2020, or until such time that an quantity of ₹three lakh crore is sanctioned underneath the scheme, whichever is earlier.




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