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ECLGS (Scheme) for Industry – An Overview

CSLalit Rajput
Emergency credit line guarantee secures lender losses and expands targeted eligibility for distressed businesses under pandemic relief. The Emergency Credit Line Guarantee Scheme provides government-backed guarantee coverage to Member Lending Institutions to absorb losses from borrower non repayment, enabling unsecured credit to distressed businesses to meet operational liabilities. Eligibility is organized in sequential tranches by borrower type and sector, with each tranche delimiting borrower scope, outstanding loan thresholds and arrears benchmarks as of specified reference dates to determine entitlement to guarantee support. (AI Summary)

Emergency Credit Line Guarantee Scheme (ECLGS)

The Finance Ministry of India launched the Emergency Credit Line Guarantee Scheme (ECLGS) in May 2020, during pandemic, to help the pandemic hit economy. This scheme aimed to provide ₹ 3 lakh crore of unsecured loans to MSMEs and business enterprises to mitigate the distress caused by the coronavirus-induced lockdown.

This Scheme was announced as part of the Atma Nirbhar Bharat Package announced in the year 2020 with the objective to help businesses including MSMEs to meet their operational liabilities and resume businesses in view of the distress caused by the COVID-19 crisis, by providing Member Lending Institutions (MLIs), 100 percent guarantee against any losses suffered by them due to non-repayment of the ECLGS funding by borrowers.

  1. Eligibility norms for availing credit under ECLGS are:

For ECLGS 1.0

MSME units, Business Enterprises, Mudra Borrower and individual loans for business purpose having loan outstanding upto ₹ 50 crore and days past due upto 60 days as on 29.02.2020.

For ECLGS 2.0

Borrower belonging to 26 stressed sectors identified by Kamath Committee & Healthcare sector having loan outstanding above ₹ 50 crore and upto ₹ 500 crore and days past due upto 60 days as on 29.02.2020.

For ECLGS 3.0

Borrower belonging to Hospitality, Travel & Tourism, Leisure & Sporting and Civil Aviation sector having days past due upto 60 days as on 29.02.2020.

For ECLGS 4.0

Existing Hospitals/Nursing Homes/Clinics/Medical Colleges/units engaged in manufacturing of liquid oxygen, oxygen cylinders etc. having credit facility with a lending institution with days past due upto 90 days as on March 31, 2021.

 

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