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ECLGS (Scheme) for Industry – An Overview

CSLalit Rajput
India's Emergency Credit Line Guarantee Scheme Offers Unsecured Loans to Support MSMEs During COVID-19 Crisis The Emergency Credit Line Guarantee Scheme (ECLGS) was introduced by India's Finance Ministry in May 2020 to support the economy during the COVID-19 pandemic. The scheme aimed to provide 3 lakh crore in unsecured loans to MSMEs and business enterprises to alleviate financial distress caused by lockdowns. It was part of the Atma Nirbhar Bharat Package, offering a 100% guarantee to Member Lending Institutions against losses from non-repayment. Eligibility varied across ECLGS versions, targeting different sectors and loan sizes, such as MSMEs, stressed sectors, and healthcare, with specific criteria on outstanding loans and days past due. (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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