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FM announces Rs 1.1 L cr loan guarantee scheme for Covid affected sectors

  •   Mon, Jun 28 2021 04:01:41 PM

New Delhi, Jun 28 (IANS): Finance Minister Nirmala Sitharaman on Monday announced a Rs 1.1 lakh crore loan guarantee scheme for Covid-affected sectors.

The scheme would include a Rs 50,000 crore loan to the health sector aimed at scaling medical infrastructure targeting underserved areas.

The scheme would entail guarantee cover for expansion and new projects related to health and medical infrastructure in cities other than eight metropolitan cities.

For aspirational districts, the guarantee cover would be 75 percent for both new projects and expansion.

The maximum loan amount under the newly announced scheme would be Rs 100 crore and the duration of the guarantee would be up to three years.

The interest rate for the loans would be capped at 7.95 percent.

Sitharaman also said that the guarantee would be provided by National Credit Guarantee Trustee Company Ltd.

Under the scheme, loans worth Rs 60,000 crore would be allowed for sectors other than health at an interest rate capped at 8.25 percent per annum.

The normal interest rate without the guarantee cover is 10-11 percent.
  

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  • Rajan, Mangalore

    Mon, Jun 28 2021

    ‘Emergency Credit Line Guarantee Scheme --ECGLS ---- Unfortunately very few can borrow because bank conditions are too complicated-- -- ALSO BANKS are first adjusting ( recovering ) like loan sharks any facility given to borrower by GOVT --- Further because No Demand --- means most factories are going bankrupt or near -- because of lack of orders - even many other service industries - possibly like interior decorators etc - IT IS BASIC -- only if there is demand creation - will we ' ve revival - Country In a ICU situation - what is needed today - is unfortunately not worked out - all plans are long term --- THE USA / many countries has helped with stimulus checks - that means cash with families -

    DisAgree Agree [2] Reply Report Abuse


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Title: FM announces Rs 1.1 L cr loan guarantee scheme for Covid affected sectors



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