Biggest bailout to save MSMEs, banks sanctioned loan to 44.2 lakh firms under Emergency Credit Line Guarantee Scheme (ECLGS)
In a bid to enable the small businesses sail through uncertain times, Finance Ministry has disbursed the the biggest amount so far under Emergency Credit Line Guarantee Scheme (ECLGS) through all its financial entities comprise of Public sector banks, Private sector banks and Non-Banking Financial Company (NBFC).
The finance minister informed in a tweet that the total amount sanctioned under the 100% Emergency Credit Line Guarantee Scheme by #PSBs and private banks to #MSMEs and individuals stands at Rs 1,77,353 crore, of which Rs 1,25,425 crore has already been disbursed.
All the MSMEs and individuals with turnover up to 250 crore can apply for loan under the scheme which include 100 per cent guarantee coverage by the National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and other borrowers in the form of a guaranteed emergency credit line (GECL) facility.
