The Government has modified the ECLGS (Emergency Credit Line Guarantee Scheme). Borrowers who are eligible for restructuring as per RBI guidelines of May 05, 2021 and had availed loans under ECLGS 1.0 of overall period of four years comprising of repayment of interest only during the first 12 months with repayment of principal and interest in 36 months thereafter will now be able to avail a tenure of five years for their ECLGS loan i.e. repayment of interest only for the first 24 months with repayment of principal and interest in 36 months thereafter. Shri Manoj Patodia, Chairman, The Cotton Textiles Export Promotion Council (TEXPROCIL) said, “The increase in the period for repayment of loans to 5 years has come as a huge relief for the MSMEs who are struggling hard to get back to business from the disruptions caused by the Second wave of COVID-19 pandemic.”
Mr. Manoj Patodia, Chairman – TEXPROCIL
Gain access to all our Premium contents.
More than 100+ articles.
Unlock this article and gain permanent access to read it.