Government extends the deadline of ECLGS and increases its tenure

INR Currency Note of RS 2000 in news Photos

On Sunday the government announced 3 month extension for its Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) which was about to end on June 30, but now the extended deadline is September 30 under 4th revision. The Ministry of Finance has also offered a 100% assurance on loans up to Rs 2 crore to hospitals, nursing homes, clinics, and medical institutions for the installation of on-site oxygen generation units, with an interest rate maximum of 7.5 percent.

MSMEs and other businesses that are qualified for restructuring as per Reserve Bank of India (RBI) standards as of May 5, 2021 and had borrowed credit under ECLGS 1.0 will have their tenure extended, according to the ministry.ECLGS 1.0 customers who previously had to pay interest only for the first 12 months and then repay principal and interest in 36 months will now be able to get a five-year tenor for their ECLGS loan, which means they will have to pay interest only for the first 24 months and then repay principal and interest in 36 months. Furthermore, borrowers covered by ECLGS 1.0 have been granted further ECLGS assistance of up to 10% of the outstanding credit as of February 29, 2020, in accordance with RBI standards. According to the ministry, the government has also eliminated the current ceiling of Rs 500 crore in outstanding loans for ECLGS 3.0 eligibility, subject to a maximum additional ECLGS support to each debtor of 40% or Rs 200 crore, whichever is lower. ECLGS 3.0 was also expanded to include the Civil Aviation industry by the Ministry.

Source: Financial Express

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