The Union Cabinet has approved a scheme for payment of interest on interest during the loan moratorium period. The Ministry of Finance has issued guidelines for the general public to benefit from the scheme. Under this, the difference between compound interest and ordinary interest will be paid by the Central Government. Today we will tell you about the guidelines of the Ministry of Finance …
Who will benefit?
MSME loan
Education loan
Housing loan
Consumer durable loans
Credit card due
Auto loan
Personal loans of professionals
Consumption loan
Finance Ministry announces guidelines ahead of Supreme Court hearing: The scheme will increase the burden on the government by about Rs 6,500 crore
Before the Diwali gift of the Ministry of Finance, the bank will deposit the difference between compound interest and normal interest in the account of the borrower. • Those who continue to repay the loan without taking the moratorium will also get the benefit of this scheme. બેંક The bank will then sue the Central Government for a refund of this amount. The Supreme Court will hold a hearing on November 2, the day on which the decision to charge interest may be made.
Who will benefit?
M MSME Loan Education Loan
• Housing Loan • Consumer Durable Loan Credit Card Due Auto Loan Personal Loan Of Professionals Concession Loan
How long will the benefit be? Those who have taken advantage of the Lone Moratorium during March 1 to August 31, 2020. They will not have to pay interest on the interest during this period.
How much will the loan benefit? Those who owe Rs 2 crore or less till February 29, 2020 will get the benefit of this scheme. If one takes a loan of more than Rs 2 crore on an individual, he will not get the benefit.
Who will bear the burden of paying interest on interest? The burden of paying interest on interest will be borne by the Central Government. This will put a burden of about Rs 6,500 crore on the government. How will you benefit? The difference between compound interest and simple interest will be borne by the customer, the banks will deposit the amount in the customer’s account. How will interest be paid to banks? Banks will claim this amount from the Central Government after depositing the difference of interest in the customer’s account. When will you get the benefit of this scheme? The matter will now be heard in the Supreme Court on November 2. A final decision on the implementation of the scheme will be taken on the same day.
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