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NBFCs want MSME credit program to cover personal loans too

Non-bank lenders have requested inclusion of personal loans under government-sponsored Covid emergency credit program

Synopsis

In a letter dated July 2, the National Credit Guarantee Trustee Company (NCGTC), the nodal body implementing the credit guarantee scheme, clarified that only car loans covered by the MUDRA scheme could benefit from this benefit.

Mumbai: Non-bank lenders have called for the inclusion of personal loans under the government-sponsored Covid emergency credit program, as more than 75% of small and small business loans are made on behalf of individuals and not under corporate structures. By not bringing individuals under collateral, the program may not benefit the targeted segment and could be cornered by larger companies with better financial strength. “Following

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