The Ministry of Finance in its press release dated 30th May 2021 has granted 100% guarantee cover to loans up to Rs.2 crore to hospitals/nursing homes/clinics/medical colleges for setting up on-site oxygen generation plants, interest rate capped at 7.5%.
On account of the disruptions caused by the second wave of COVID 19 pandemic to businesses across various sectors of the economy, Government has further enlarged the scope of Emergency Credit Line Guarantee Scheme.
The Borrowers who are eligible for restructuring 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.
Further, the validity of emergency credit line guarantee scheme is extended till 30th September 2021 or till guarantees for an amount of Rs.3 lakh crore are issued and the disbursement under the scheme is permitted up to 31st December 2021.
