Businesses/MSMEs have been badly hit due to COVID19 need additional funding to meet operational liabilities built up, buy raw material and restart business
• Decision: Emergency Credit Line to Businesses/MSMEs from Banks and NBFCs up to 20% of entire outstanding credit as on 29.2.2020
• Borrowers with up to Rs. 25 crore outstanding and Rs. 100 crore turnover eligible
• Loans to have 4 year tenor with moratorium of 12 months on Principal repayment
• Interest to be capped
• 100% credit guarantee cover to Banks and NBFCs on principal and interest
• Scheme can be availed till 31st Oct 2020
• No guarantee fee, no fresh collateral
• 45 lakh units can resume business activity and safeguard jobs.
Source : Finance Minister PIB
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