Finance Minister Nirmala Sitharaman declared Rs 1.1 lakh crore loan assurance policy for COVID-influenced sectors. Bisected into two parts, one Rs 50,000 crore assigned to the health sector and the other one Rs 60,000 crore for other sectors.
Nirmala Sitharaman further declared additional Rs 1.5 lakh crore under the Emergency Credit Line Guarantee Scheme (ECLGS). The sector-wise attribute given as per developing requirements. This credit guarantee scheme help in encouraging loans of up to Rs 1.25 lakh to 25 lakh persons via MFIs.
Nirmala Sitharam guaranteed financial support over 11,000 enlisted tourist guides/travel and tourism associates. Through the loan guarantee scheme for COVID-influenced sectors.
After the resumption of visa issuance, the first 5 lakh tourist visas rendered complimentary, Nirmala Sitharaman declared. The Atmanirbhar Bharta Rozgar Yojana further extended from June 30, 2021, to March 31, 2022.
Deadline for the ECLGS scheme, assured of Rs 20-lakh crore ABA package in May 2020, was Rs 3 lakh crore. Previous month, the finance ministry expanded the scope of the Rs 3 lakh crore ECLGS. By including soft loans to hospitals for initiating on-site oxygen generation plants.
The validity of the policy expanded by three months to September 30, and/ till guarantees for an amount of Rs 3 lakh crore issued. The last date of disbursement under the policy expanded to December 31.
Under the ECLGS 4.0, 100 percent assurance cover given to loans up to Rs 2 crore to hospitals. And nursing homes, clinics, medical colleges for initiating on-site oxygen generation plants.
The interest rate on these loans fixed at 7.5 percent, which means the banks offer loans less than this limit.
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