New Delhi, July 13 -- Nearly 70 per cent of Micro, Small and Medium Enterprises (MSMEs) have approached banks for collateral-free loans under Emergency Credit Line Guarantee Scheme (ECLGS) to tide over the crisis following the coronavirus outbreak, a Care Ratings survey said.
The survey also revealed that the majority of them intend to borrow less than Rs. 1 crore.
According to the survey, banks have so far sanctioned loans to around one-third of the applicants and the cost of borrowings is 8-9 per cent for most of the borrowers.
The rating agency said the survey was conducted over 2 weeks - between June 23 to July 7 - and saw the participation of 345 respondents from a cross-section of sectors.
The size of the business of the resp...