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27/11/20 12:40 PM IST

Emergency Credit Line Guarantee Scheme (ECLGS)

In news

The Government has extended Emergency Credit Line Guarantee Scheme ( ECLGS) through ECLGS 2.0 for the 26 sectors.

Emergency Credit Line Guarantee Scheme

The scheme was launched as part of the first Atmanirbhar Bharat package in May to mitigate the distress caused by coronavirus pandemic-induced lockdown, by providing credit to different sectors, especially micro, small and medium enterprises (MSMEs).

Aim

Providing relief to the Indian economy reeling under the impact of the novel coronavirus pandemic.

Objective:

  • To provide fully guaranteed and collateral free additional credit to MSMEs, business enterprises, MUDRA borrowers and individual loans for business purposes to the extent of 20% of their credit outstanding as on 29th February, 2020.
  • 100% guarantee coverage is being provided by the National Credit Guarantee Trustee Company, whereas Banks and Non Banking Financial Companies (NBFCs) provide loans.

Source: PIB

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