22) Emergency Credit Line Guarantee scheme (ECLGS) Flashcards
1
Q
To whom is this Credit line guarantee scheme related ?
A
To MSMEs and MUDRA borrowers
2
Q
Aim ?
A
To mitigate the economic distress being faced by about 45 lakh MSMEs by providing them additional funding upto 3lakh cr in the form of a fully guaranteed emergency credit line
3
Q
Duration ?
A
4yrs with moratorium of 1yr on the principal amount
4
Q
Eligibility ?
A
1) All MSME borrower accounts with outstanding credit of upto 25cr
2) Annual turnover of upto 100cr
5
Q
How much will these MSME’s get as credit ?
A
Upto 20% of fresh loans on their entire outstanding credit
6
Q
Who provides guarantee against losses ?
A
National Credit Guarantee Trustee Company (NCGTC)
7
Q
Interest rates ?
A
Banks and Financial institutions can put 9.25% max interest rate
NBFCs can put upto 14% interest rates
