ECLGS Date extend for MSMEs: As you people are aware that the time of covid-19 is still going on and still everything is not tired and not the right time for business has come, and now the third wave is also about to come, that is why the Government of India has taken a crucial decision to take step is uplift. In response to the economic inconvenience caused by the second wave of the COVID-19 pandemic, the Union Finance Ministry on Sunday extended the validity of the Emergency Credit Line Guarantee Scheme (ECLGS) for MSMEs. According to the government’s press release, “The amendment in ECLGS will enhance the utility and impact of ECLGS by providing additional support to MSMEs, helping to secure livelihood and restart business activity.
Emergency Credit Line Guarantee Scheme (ECLGS)
These changes will further increase the flow of institutional credit. Facility will be available. Due to the disruptions caused by the second wave of the COVID-19 pandemic for businesses in various sectors of the economy, the government has further expanded the scope of emergency loans, according to a press statement by the Ministry of Finance. Emergency Credit Line Guarantee Scheme:”
ECLGS Date extend for MSMEs
ECLGS 4.0 provides 100% guarantee on loans up to Rs 2 crore to hospitals, nursing homes, clinics and medical institutions for setting up on-site oxygen generation plants with a maximum interest rate of 7.5 per cent.
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Taken loan under ECLGS 1.0 with an overall tenure of 4 years
Borrowers eligible for restructuring under RBI guidelines issued on May 5, 2021, and who have taken loan under ECLGS 1.0 with an overall tenure of four years and have paid principal and interest only after repayment of interest for the first 12 months Is.
Under ECLGS 2.0 total 5 Years repayment for the next 36 months
The next 36 months will now be able to take loans under ECLGS 2.0 with a total tenure of five years, i.e. interest repayment only for the first 12 months and then principal and interest repayment for the next 36 months.
The government has also stated that borrowers covered under ECLGS 1.0 will get additional ECLGS assistance up to 10% of the outstanding amount as on February 29, 2020, as per RBI’s restructuring rules dated May 5, 2021.
The current eligibility limit is Rs. 500 crore for ECLGS 3.0
The current eligibility limit is Rs. 500 crore for ECLGS 3.0 will be abolished, limiting the maximum additional ECLGS assistance to any borrower by 40% or Rs 200 crore, whichever is lower. The civil aviation sector has been included in ECLGS 3.0 as it has been hit the most by the travel restrictions due to COVID-19.
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Validity of ECLGS Date extend for MSMEs till 30 September 2021
The validity of ECLGS has also been extended till 30 September 2021 or till a guarantee of Rs 3 lakh crore is given. The scheme allows disbursement till December 31, 2021.
The Finance Ministry has also announced on its Twitter account that “Due to the disruptions caused by the second wave of the COVID-19 pandemic for businesses in various sectors of the economy, the government has further expanded the scope of the Emergency Credit Line Guarantee Scheme” . . “