LGSCATSS - Business

Salient features of Loan Guarantee Scheme for Covid Affected Tourism Service Sector (LGSCATSS)

Eligibility:

• Individuals, Business Enterprises/MSMEs engaged in Travel & Tourism viz Tourist Guides, Tour Operators/Travel Agents/Tourist Transport Operators, constituted as Proprietorship, partnership, registered company, trusts and LLPs (limited Liability Partnership) or any other legal entity shall be eligible under the scheme.
• Tourist Guides and Travel and Tourism Stakeholders having borrowing arrangement with the Bank or non-borrowers having SB/CA with the Bank as on 31.03.2021 shall be eligible for assistance under the scheme.
• Tourist guides should be recognized/approved/registered by Ministry of Tourism and State Govts/UT Administrations.
• Travel & Tourism Stakeholders means Tour Operators/Travel Agents/Tourist Transport Operators recognized/ approved/registered by the Ministry of Tourism, Govt. of India.\
• Registration Certificate issued by State Govts/UT Administrations/Ministry of Tourism should be dated prior to 31.03.2021, as the loan is envisaged for business affected due to Covid-19 pandemic.
• If the target beneficiary has already availed benefit under GECL-1.0 or GECL-3.0, he shall have to close/ pay off the dues under GECL, before applying for coverage under LGSCATSS scheme of the M/o Tourism. Likewise, if an eligible borrower has availed assistance under LGSCATSS, he shall have to close/ pay off the dues under LGSCATSS, before applying for coverage under GECL.

Loan Amount:

• Up to Rs. 1.00 lakh each for registered Tourist Guides and
• Up to Rs.10.00 lakh each for registered Travel & Tourism Stakeholders.

Facility:

• WCTL and
• Term Loan facilities

Validity:

• Valid up to 31.03.2023 or till guarantees for an amount of Rs 250 crores are issued under the scheme, whichever is earlier.

Tenor:

• Moratorium period- 12 months
• Repayment period-  48 months
• Total tenor-60 months

Processing fee / Guarantee fee:  Nil

Collateral security: NIL