Nirmala Sitharaman announces Rs 1.1 lakh crore loan guarantee scheme for COVID affected area
Finance Minister Nirmala Sitharaman today announced Rs 1.1 lakh crore loan guarantee scheme for covid affected affected sectors, including Rs 50,000 crore to make stable healthcare facilities.
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Maximum loan given will be Rs 100 crore .Guarantee duration will be up to three years with 7.95% interest rate. Rs 60,000 crore will be for other sectors and the interest rate will be at 8.25%.
“Credit Guarantee Scheme launched to provide loans to small borrowers, via Micro Finance Institutions. Maximum loan to individual is 1.25 lakh, interest rate 2% below RBI prescribed rate. Focus on new loans, stressed borrowers except NPAs to be covered. Loan duration is 3 years,” She said.
