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Saturday, October 24, 2020

Didn’t skip EMIs during lockdown? Get cashback from your bank: GovernmentGovt Wants To Pay Interest On Your EMIs During Loan Moratorium

Didn’t skip EMIs during lockdown? Get cashback from your bank: GovernmentGovt Wants To Pay Interest On Your EMIs During Loan Moratorium


If you have paid all the EMIs on time during the loan Moratorium period in Coronavirus, then this news is of your use.  The Ministry of Finance has approved the guidelines for exemption from interest related to deferment granted by RBI for repayment of debt due to COVID-19 crisis.  Under this, the government will pay an amount equal to the difference between the cumulative interest i.e. 'interest on interest' and simple interest during the deferment granted for six months on a loan up to Rs 2 crore.  Meanwhile, the government also announced cashback




 It has been announced by the government that if a borrower does not take advantage of moratorium and timely payment of EMI is made on time, then they will get cashback from the bank.  Under this scheme, such borrowers will get the benefit of a difference of 6 months in simple and compound interest.




 According to this, the borrowers on whom the total loan till February 29 does not exceed Rs 2 crore, will be eligible to avail this scheme.  Under this scheme, home loans, education loans, credit card dues, vehicle loans, MSME (micro, small and medium enterprises), loans for sustainable consumer salmon and loans taken for consumption will come.



 According to the guidelines, banks and financial institutions will put the difference between interest and simple interest over interest during the deferment period in the loan account of eligible borrowers.  This is for all eligible lenders, who have taken advantage of the exemption given by the RBI for loan waiver in full or in part under the scheme announced on March 27, 2020.



 The central government has given great relief to the borrowers.  Giving him a gift of Diwali in a way, he announced interest-relief on his loan up to two crore rupees.  This relief will be available to all the borrowers falling under this limit, whether they have opted for a six-month moratorium from installment payment or not.



 After the Supreme Court directed to implement the interest relief, the Financial Services Department of the Ministry of Finance issued guidelines to implement this scheme.
 With this decision, the exchequer is estimated to cost Rs 6,500 crore.



 The Modi cabinet has given Diwali gifts to crores of people.  The Central Government has approved the scheme for payment of interest on interest during the term of the loan moratorium.  Late on Friday, the government announced a waiver on interest for loans up to Rs 2 crore.




 If you have paid all EMI on time during the loan Moratorium period in Coronavirus, then this news is of your use.  The Ministry of Finance has approved the guidelines for exemption from interest related to deferment granted by RBI for repayment of loans due to COVID-19 crisis.  Under this, the government will pay an amount equal to the difference between the cumulative interest ie 'interest on interest' and simple interest during the deferment granted for six months on loans up to Rs 2 crore.  Meanwhile, the government also announced cashback



 It has been announced by the government that if a borrower does not take advantage of moratorium and timely payment of EMI is made on time, then they will get cashback from the bank.  Under this scheme, such borrowers will get the benefit of a difference of 6 months in simple and compound interest.



 According to this, the borrowers on whom the total loan till February 29 does not exceed Rs 2 crore, will be eligible to avail this scheme.  Under this scheme, home loans, education loans, credit card dues, vehicle loans, MSME (micro, small and medium enterprises), loans for sustainable consumer salmon and loans taken for consumption will come.



 According to the guidelines, banks and financial institutions will put the difference between interest and simple interest over interest during the deferment period in the loan account of eligible borrowers.  This is for all eligible lenders, who have taken advantage of the exemption granted by the RBI for full or partial loan waiver under the scheme announced on March 27, 2020.


 The central government has given great relief to the borrowers.  Giving him a gift of Diwali in a way, he announced interest-relief on his loan up to two crore rupees.  This relief will be available to all the borrowers falling under this limit, whether they have opted for a six-month moratorium from installment payment or not.




 After the Supreme Court directed to implement the interest relief, the Financial Services Department of the Ministry of Finance issued guidelines to implement this scheme.
 With this decision, the exchequer is estimated to cost Rs 6,500 crore.





 The Modi cabinet has given Diwali gifts to crores of people.  The Central Government has approved the scheme for payment of interest on interest during the term of the loan moratorium.  Late on Friday, the government announced a waiver on interest for loans up to Rs 2 crore.




 In order to benefit the scheme for the common man, the Finance Ministry has issued guidelines.  Now the difference between compound interest and simple interest will be paid by the central government.  The matter is currently sub judice in the Supreme Court.  It is scheduled to be heard on 2 November.  Therefore, the government will first inform it.





 As per the guidelines of the Ministry, the benefit of interest relief will be given on the specified loan accounts for the period from March 1 to August 31, 2020.  It said, 'Borrowers whose loan account's sanctioned limit or the total outstanding amount did not exceed Rs 2 crore as of February 29, will be eligible for the benefit of the scheme.'





 As per the terms of the guideline, it is mandatory to have these accounts standard by 29 February.  Standard accounts are accounts that are not declared Non Performing Assets (NPAs).




 In order to benefit the scheme for the common man, the Finance Ministry has issued guidelines.  Now the difference between compound interest and simple interest will be paid by the central government.  The matter is currently sub judice in the Supreme Court.  It is scheduled to be heard on 2 November.  Therefore, the government will first inform it.





 As per the guidelines of the Ministry, the benefit of interest relief will be given on the specified loan accounts for the period from March 1 to August 31, 2020.  It said, 'Borrowers whose loan account's sanctioned limit or the total outstanding amount did not exceed Rs 2 crore as of February 29, will be eligible for the benefit of the scheme.'








 As per the terms of the guideline, it is mandatory to have these accounts standard by 29 February.  Standard accounts are accounts that are not declared Non Performing Assets (NPAs).


Didn’t skip EMIs during lockdown? Get cashback from your bank: 

GovernmentGovt Wants To Pay Interest On Your EMIs During Loan Moratorium



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