New Delhi: The country faced a severe shortage of medical oxygen amid the second wave of Kovid-19, with the Center offering 100 guarantees on loans of up to Rs 2 crore to hospitals, nursing homes, clinics and medical colleges to install on-site oxygen. Has decided. Generation plants.
The interest rate for such loans has been capped at 7.5 percent.
A statement from the Finance Ministry further stated that borrowers who are eligible for restructuring as per RBI guidelines dated May 5, 2021 and had taken loans under ECLGS 1.0 for a total tenure of four years with repayment of principal only Repayment of interest was included during the first 12 months and in 36 months thereafter interest will now be able to avail a period of five years for its ECLGS loan.
The government has also announced additional ECLGS assistance of up to 10 per cent of the arrears up to February 29, 2020 to borrowers covered under ECLGS 1.0, in conjunction with the restructuring as per RBI guidelines dated May 05, 2021.
The Ministry of Finance has also decided that the existing limit of Rs 500 crore outstanding for eligibility under ECLGS 3.0 will be removed, the maximum additional ECLGS assistance to each borrower will be limited to 40 per cent or Rs 200 crore, whichever is less. .
The civil aviation sector will be eligible under ECLGS 3.0. The validity of ECLGS has been extended till 30 September 2021 or till the issuance of a guarantee of Rs 3 lakh crore.
The Center has allowed disbursements under the scheme permitted till December 31, 2021.
Amendments to ECLGS will enhance the utility and impact of ECLGS by providing additional support to MSMEs, protecting livelihoods and helping to resume business activity. The Ministry said that these changes would further facilitate the flow of institutional credit on appropriate terms.