Many tourism loan schemes are launched by the government of India and some other schemes also launched by the different state governments. Hon'ble Finance Minister announced a guarantee/collateral-free loan guarantee scheme for the tourism sector on 28.06.2021. The Ministry of Tourism launched the 'Loan Guarantee Scheme for Covid Affected Tourism Service Sector (LGSCATSS)'.
The scheme aims to extend loans to the distressed tourism sector to help them discharge their liabilities and restart their business affected due to the Covid-19 pandemic. The validity of the said scheme is till 31.03.2022 or till the guarantee of Rs. 250.00 crores are issued under the scheme.
The loan amount can be avail upto Rs. 10.00 lakh each with the approval by Ministry of Tourism of Tour operator/Travel Agents/ Tourist Transport Operators. The Loan amount upto Rs. 1.00 lakh each may be availed by RLGs/IITGs approved by Ministry of Tourism and Tourist Guides approved by State Govt./UT Administration.
The scheme has been made operational through NCGTC (National Credit Guarantee Trustee Company); guidelines available on NCGTC website.
Five Scheduled Commercial Banks have already launched the scheme.
- Punjab National Bank,
- Central bank of India,
- Union Bank India,
- Bank of India and
- Karur Vysya Bank
Other Scheduled Commercial Banks are also being directed to launch the scheme.
Central Financial Assistance to Information Technology (IT)