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Emergency Credit Line Guarantee Scheme

  • Posted By
    10Pointer
  • Categories
    Economy
  • Published
    4th Aug, 2020
  • The Emergency Credit Line Guarantee Scheme was rolled out in May as part of the Centre’s Aatma-nirbhar package in response to the COVID-19 crisis.
  • It has a corpus of Rs. 41,600 crore and provides fully guaranteed additional funding of up to Rs. 3 lakh crore.
  • Eligibility – As of February 29, 2020, MSMEs which have an annual turnover up to Rs. 100 crore and with outstanding loans of up to Rs. 25 crores.
  • Union government has recently decided to expand the scheme, to cover enterprises with a turnover up to Rs. 250 crore, with outstanding loans up to Rs. 50 crore.
  • It aims to cover loans given to larger firms, as well as to self-employed people and professionals who have taken loans for business purposes.
  • Individual beneficiaries include both professionals such as doctors, lawyers and chartered accountants, as well as self-employed people such as vendors or taxi drivers