Question
Recently central government had announced to provide
collateral-free loans to which among the following under Credit Guarantee Scheme (CGSS)?Solution
The Department for Promotion of Industry and Internal Trade (DPIIT) notified the establishment of the Credit Guarantee Scheme for Start-ups (CGSS). It would provide collateral-free debt funding up to Rs 10 crore for start-ups extended by commercial banks, non-banking financial companies (NBFCs) and Securities and Exchange Board of India (SEBI)-registered alternative investment funds (AIFs). The credit guarantee cover under the scheme would be both transaction-based (for single eligible borrowers) and umbrella-based (for a group of eligible borrowers). The extent of transaction-based cover will be 80 per cent of the credit facility up to Rs 3 crore, 75 per cent of the credit facility between Rs 3 and 5 crore, and 65 per cent of the credit facility between Rs 5 and 10 crore.
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