The union finance ministry on Sunday 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.
Under ‘ECLGS 4.0’, 100% guarantee cover will be extended to loans of up to ₹2 crore given to hospitals, nursing homes, clinics, medical colleges for setting up on-site oxygen generation plants. The interest rate has been capped at 7.5% for the same.
“Borrowers who are eligible for restructuring as per RBI guidelines of May 05, 2021 and had availed loans under ‘ECLGS 1.0’ of overall tenure of four years comprising of repayment of interest only during the first 12 months with repayment of principal and interest in 36 months thereafter, will now be able to avail a tenure of five years for their ECLGS loan i.e. repayment of interest only for the first 24 months with repayment of principal and interest in 36 months thereafter," the ministry said.
More details awaited
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Modi govt expands Emergency Credit Line Scheme due to COVID-19 second wave disruptions - Mint
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