Covid Loans for oxygen plants
However, the overall size of ECLGS has been remained at Rs 3 lakh crore, with approximately Rs 45,000 crore still to be sanctioned. Those who have already taken out loans under the plan are eligible for extra assistance of up to 10% of their outstanding balances as of February 29, 2020.
However, the overall size of ECLGS has been remained at Rs 3 lakh crore, with approximately Rs 45,000 crore still to be sanctioned. Those who have already taken out Covid loans under the plan are eligible for extra assistance of up to 10% of their outstanding balances as of February 29, 2020.
The FICC is an abbreviation for the Federation of Indian Chambers of Commerce and Industry whose president Uday Shankar welcomed the current action and emphasised raising the Rs 3 lakh crore cap. We expect that banks would go above and beyond in disbursing Covid loans in a timely and efficient manner as The new ECLGS 4.0 scheme provides financial support to the crucial healthcare sector. It would have been even better if a more significant allocation had been made under this arrangement.
SBI President Dinesh Hara said: “The joint efforts of all PSU banks is a good start in the right direction to reduce the financial impact of the Covid resurgence on all affected borrower departments.”
At a news conference on Sunday, Khara and Rai stated that PSU banks would offer unsecured personal loan to individuals for Covid therapy at a low interest rate — 8.5 % for SBI. These Covid loans would start at Rs 25,000 and can be repaid over five years.
Meanwhile, Rai stated that public sector banks would provide Covid loans of up to Rs 100 crore at concessional interest rates to hospitals, nursing homes, clinics, diagnostic centres, and pathology labs to establish or expand healthcare services.
On May 5, the RBI announced a new restructuring plan enabling individuals, small companies, and micro, small, and medium-sized enterprises (MSMEs) to restructure their loans in light of the second wave. Entities that had not previously restructured their debts and had standard borrowings as of March 31, 2021, are eligible for the plan.
Public sector banks have developed three products to give new financing support to vaccine makers, hospitals and dispensaries, pathology labs, oxygen producers and suppliers, ventilators, vaccine importers, and vaccine distributors.
Banks, according to Khara, would provide business loans for healthcare institutions of up to Rs 100 crore to establish up or enhance healthcare infrastructure. They will also provide unsecured personal loans ranging from Rs 25,000 to Rs 5 lakh for Covid therapy to salaried, non-salaried, and retirees, with the majority of them having low-interest rates.
So far, 60,000 clients have benefited from the RBI’s reorganisation plan, despite the fact that 8 lakh or more are eligible, according to the SBI chairman. The plan is divided into three sections: Loans up to Rs 10 lakh, for which a standardised restructuring offer would be made to selected small enterprises and MSMEs; loans over Rs 10 lakh and up to Rs 10 crore; and loans over Rs 10 crore.