In view of the economic distress caused by the COVID-19 pandemic, the Finance Ministry unveiled Emergency Credit Line Guarantee Scheme (ECLGS) to provide 100% guarantee coverage for the Guaranteed Emergency Credit Line (GECL) assistance of loan outstanding as on 29th February, 2020 or 31st March 2021, whichever is higher, to eligible borrowers including eligible Business Enterprises / Micro, Small and Medium Enterprise (MSME) borrowers.
This scheme extends up to March 31, 2022, or till guarantees for an amount of Rs 4,50,000 crore are issued (taking into account all components of ECLGS), whichever is earlier.
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Key Highlights of the Emergency Credit Line Guarantee Scheme