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'Include commercial vehicle loans to individuals under ECLGS'
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SME Times News Bureau | 06 Jul, 2020
Finance Industry Development
Council (FIDC), the industry body of NBFCs has written to the Finance
Minister seeking inclusion of all loans given to individuals for
purchase of commercial vehicles under the Emergency Credit Line
Guarantee Scheme (ECLGS) announced as the 'Atmanirbhar Bharat' economic
package.
In a letter to Finance Minister Nirmala Sitharaman, FIDC
noted that more than 75 per cent of the customers take loans for buying
vehicles for commercial purposes in their individual names as they
don't have any business establishment in the name of firm or
partnerships and they conduct their business in individual names.
"We
therefore submit for your kind consideration to include all loans given
to individuals for purchase of vehicles (including construction
equipment vehicles, taxis etc) which are registered for commercial
purposes as eligible for assistance under ECLGS," it said.
The
letter by FIDC Director General Mahesh Thakkar noted that the industry
body has been engaging with National Credit Guarantee Trustee Company
(NCGTC) regarding the matter and NCGTC has issued clarifications, but
they were limited to loans covered under MUDRA scheme.
"We give
lakhs of loans every month ranging from Rs 3-4 lakhs to Rs 25 lakhs for
purchase of these assets but most of these loans are not refinanced
under MUDRA scheme either on a/c of loan amount as it is over Rs 10
lakhs or the interest spread is higher than mandated to cover the higher
operating costs and credit losses," it said.
However, all these
loans are disbursed exclusively for purchase of vehicles used for
commercial purposes and create employment in the informal sector, FIDC
said.
Under ECLGS, 100 per cent sovereign guarantee is provided
to all lenders to help them give additional funding to MSMEs and other
eligible businesses to the total extent of Rs 3 lakh crore.
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