The elastic limit or also called the elasticity limit, is the maximum stress that an elastic material can withstand without suffering permanent deformations. In other words, it is when a material exceeds a limit when a force is applied to it where it no longer recovers its original shape.
For metals that have a significant straight-line section on the load / strain diagram, the elastic limit is approximately equal to the proportional limit. There are many applications where it is required high elastic limit steels such as: cranes, bridges, docks, building structures etc.
The elastic limit or yield point is the maximum stress that an elastoplastic material can withstand without suffering permanent deformation.
The elastic limit of a material is usually calculated using Young's Modulus (longitudinal modulus of elasticity)
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