Even in lockdown, EMI payers will get cashback on time - Newztezz Online


Saturday, October 24, 2020

Even in lockdown, EMI payers will get cashback on time

Mumbai / New Delhi: The
 government on Friday announced a relief of Rs. Disclosed all the details regarding waiver of interest on loans up to Rs 2 crore. It also announced that those who did not take advantage of the loan moratorium period will be given cashback.

The benefit of this cashback is Rs. Loans up to Rs 2 crore will be available to individuals and small businesses. On Friday, the finance ministry wrote in a letter to all lending institutions under the RBI that the government had "approved a six-month period from March 1 to August 31 to allow loan holders to ease the difference in interest on their accounts at simple interest."

Lending institutions include banks, co-operative banks, housing finance companies and micro finance companies. The government's announcement came in the wake of an affidavit filed in the Supreme Court stating that the government was ready to bridge the gap between simple interest and compound interest on loan customers during the six-month period.

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