Covid-19: Centre expands Emergency Credit score Line Assure Scheme amid second wave | Enterprise – Occasions of India Movies

Covid-19: Centre expands Emergency Credit score Line Assure Scheme amid second wave | Enterprise – Occasions of India Movies


Could 30, 2021, 03:58PM ISTSupply: TOI.in

The Ministry of Finance on Sunday additional expanded the scope of the Emergency Credit score Line Assure Scheme (ECLGS) amid the financial disruption attributable to the second wave of the Covid-19 pandemic. In line with an official assertion by the Ministry, underneath the ECLGS 4.0, 100 per cent assure cowl will probably be prolonged to loans of as much as Rs 2 crore given to hospitals, nursing properties, clinics, medical faculties for establishing on-site oxygen technology crops. The rate of interest has been capped at 7.5 per cent for a similar. “Debtors who’re eligible for restructuring as per Reserve Financial institution of India (RBI) pointers of Could 5 and had availed loans underneath ECLGS 1.0 of general tenure of 4 years comprising of compensation of curiosity solely throughout the first 12 months with compensation of principal and curiosity in 36 months thereafter will now be capable to avail a tenure of 5 years for his or her ECLGS mortgage i.e. compensation of curiosity just for the primary 24 months with compensation of principal and curiosity in 36 months thereafter,” the assertion learn. The ministry stated that extra ECLGS help of as much as 10 per cent of the excellent as of February 29 to debtors lined underneath ECLGS 1.0, in tandem with restructuring as per RBI pointers of Could 5. “Present ceiling of Rs 500 crore of mortgage excellent for eligibility underneath ECLGS 3.0 to be eliminated, topic to most extra ECLGS help to every borrower being restricted to 40 per cent or Rs 200 crore, whichever is decrease,” it stated. Moreover, the validity of ECLGS prolonged to September 30 or until ensures for an quantity of Rs 3 lakh crore has been issued and disbursement underneath the scheme is permitted as much as December 31.





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