There is a big news about Loan Moratorium. If you have not availed of the moratorium during the lockdown and have paid every installment, you will get cash back from the bank. The statement came as the central government on Friday gave full details of its decision to take interest on interest during a loan moratorium.
The coronavirus epidemic is making it difficult for people to repay their debts. At the same time, they are relieved in paying interest on the repayment of Loan EMI. The Cabinet Committee on Economic Affairs, meanwhile, has decided to pay interest on the Bank's monthly installment interest. However, the case is still pending in the Supreme Court. Therefore, the government will give the first information about this to the government court.
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What are the benefits if you have taken Loan Moratorium?
The lokdown was announced on 25 March. The Loan Moratorium Declaration was implemented from 1 March to 31 August. During this period, the borrowers were relieved from paying EMI. But the bank has imposed interest on the interest, on this some people reached the case in the Supreme Court and the government said that the borrowers will not have to pay interest on the interest. This will have an impact on the treasury of about Rs 7,000 crore. That is to say, you will not have to pay interest on the interest of your loan. Government will pay that interest
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What are the benefits if you have not taken Loan Moratorium?
In such a situation, it was natural to question whether the borrowers who repaid the loan even in difficult situations like lockdown would face such injustice. On Friday, the government made it clear that if a borrower did not take advantage of the moratorium and pay the installments on time, he would get cashback from the bank. Under this scheme, such creditors will get the benefit of 6 months difference in simple loan interest.
Rebates were allowed on loans up to Rs 2 crore
The government recently announced a waiver of interest on interest to borrowers up to Rs 2 crore during the moratorium. The government had filed an affidavit in the Supreme Court in which it said the compound interest (interest on interest) applicable on MSME loans, education, housing, consumer, auto, credit card receivables and consumption loans would be waived. According to the government, interest on loans up to Rs 2 crore will be waived during the 6-month loan moratorium period.