India's ECLGS 5.0 disburses ₹25,000 cr for West Asia-hit firms
India's latest Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 has already pumped ₹25,000 crore into businesses since its approval on May 5.
Designed to help companies hit by the West Asia crisis, it's gotten a big thumbs up.
Around 20,000 applications have been received, and about ₹25,000 crore has been processed/disbursed.
ECLGS 5.0 capped at ₹2.55L cr
ECLGS 5.0 is set to boost credit flow up to ₹2.55 lakh crore, with ₹5,000 crore earmarked especially for airlines.
MSMEs get full credit guarantee coverage, while non-MSMEs get 90%, thanks to the National Credit Guarantee Trustee Company Ltd.
Loans for MSMEs and other businesses come with a five-year term and a one-year break before repayment starts, while airlines have a seven-year term and a two-year moratorium.
Bharat Maritime Fund offers $1.5bn cover
The government also rolled out the Bharat Maritime Fund, which has issued 23 policies and offers $1.5 billion in risk cover for Indian vessels on tough sea routes.
ECLGS 5.0 is open for loans until March 2027, so shipping businesses have some extra backup too!