The Finance Ministry on Sunday expanded the scope of the `3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS), which will now offer concessional loans to hospitals for setting up on-site oxygen generation plants.
Besides, the validity of the scheme has been extended by three months to September 30 and or till guarantees for an amount of `3 lakh crore are issued, the ministry said in a statement.
The last date of disbursement under the scheme has been extended to December 31.
“On account of the disruptions caused by the second wave of Covid 19 pandemic to businesses across various sectors of the economy, the government has further enlarged the scope of Emergency Credit Line Guarantee Scheme,” it said.
Under the ECLGS 4.0, it said, 100 per cent guarantee cover will be given to loans up to `2 crore to hospitals, nursing homes, clinics, medical colleges for setting up on-site oxygen generation plants.
The interest rate on these loans has been capped at 7.5 per cent, which means the banks can offer loans less than this ceiling.
