Finance Minister Nirmala Sitharaman on June 28 announced financial support to over 11,000 registered tourist guides, travel agents and tourism stakeholders under the new loan guarantee scheme.
"The personal loans or working capital will be provided to people in tourism sector to discharge liabilities and restart businesses impacted due to COVID-19 pandemic," the Finance Minister said while addressing a press conference.
Finance Minister Nirmala Sitharaman expands ECLGS scheme by Rs 1.5 lakh crore
Under the new loan guarantee scheme, Travel and Tourism Stakeholders (TTS) -- recognised by the Ministry of Tourism -- will be able to get Rs 10,00,000 loans per agency with 100 percent guarantee. Also, a provision to provide loan of Rs 1,00,000 for tourist guides licensed at regional or state level has been made.
The Finance Ministry assured that there will no requirement for any processing charges, waiver of foreclosure or prepayment charges, or additional collateral for these personal loans.
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Sitharaman mentioned in her address that this new loan scheme will cover 10,700 regional level tourist guides who are recognised by the Ministry of Tourism and tourist guides recognised by the state governments. The scheme will be administered by Ministry of Tourism through NCGTC.