While addressing a press conference in Delhi, Finance Minister Nirmala Sitharaman on May 13 said that Micro, Small and Medium Enterprises (MSMEs) will get collateral free automatic loans worth Rs 3 lakh crore as part of COVID-19 economic package announced by Prime Minister Narendra Modi. She said, “Collateral free automatic loans to MSMEs worth Rs 3 Lakh Crore. These have 4 year tenor, valid up to October 31st, 2020.