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LOAN GUARANTEE SCHEME FOR COVID AFFECTED TOURISM SERVICE SECTOR (LGSCATSS)

 

LOAN GUARANTEE SCHEME FOR COVID AFFECTED TOURISM SERVICE SECTOR (LGSCATSS).

 

Target Borrower

 

All registered Tourist Guides (recognized/ approved by M/o Tourism and State Govts/ UT Administrations) and Travel & Tourism stakeholders recognized/ approved by the Ministry of Tourism, Govt. of India. “Travel & Tourism Stakeholder” means Tour operators/ Travel Agents/ Tourist Transport Operators recognized/ approved by the Ministry of Tourism, Govt. of India.

 

Eligibility

 
  • Borrower should be Govt. recognized/approved.
  • Registered Tourist Guide and Travel and Tourism Stakeholders not having borrowing relationship with any Bank.
  • Borrowers having existing loan relationship with the Bank.
  • Borrowers can either avail LGCATSS or ECLGS but not both. If a borrower has already availed benefit under ECLGS 1.0 or 3.0, shall have to close/ pay off the dues under ECLGS, before applying for LGSCATSS scheme.
 

Purpose

 
  • To meet the operational liabilities/expenses of the borrower, for enabling them to restart their business.
 

Facility

 

Term Loan

 

Loan Amount

  • Registered Tourist Guides - up to Rs.1.00 Lakh
  • Travel & Tourism Stakeholder - Up to Rs.10 Lakh
 

Tenor

 

Up to 5 Yrs (Including moratorium(Interest) of max. 12 Months)

 

Security

 

In case of borrower who has not having any existing credit facilities with the Bank, charge to be created on the assets proposed to be created from the loan amount. & In case of existing borrower whatever security is available in existing loan shall be extended along with creation of charge over proposed assets from loan amount financed under the scheme. No additional collateral security should be insisted upon.

 

Interest Rate

 

1.10% over RBLR maximum @ 7.95%

 

Processing fees

 

Waived. However other applicable charges such as inspection, documentation and mortgage charges to be recovered as applicable.

 

Guarantee Fees

 

NIL. No Charges towards Guarantee from NCGTC will be paid by the borrower.

 

Validity

 

The Scheme is Valid till 31.03.2022 or till a total amount of Rs. 250 Crores sanctioned under LGSCATSS schemes, whichever is earlier.