Enjoy! Those who do not take advantage of the moratorium will get cashback, find out who will benefit

New Delhi, Saturday 24 October 2020

A big gift has been given by the government to the borrowers before Diwali, this gift is for those loan holders who have not availed the loan moratorium and have paid their EMIs regularly, now if you have also paid the bank installment on time during the loan moratorium, the bank will Will give cashback.

Who will get the benefit of cashback?

For those who take loans up to Rs 2 crore, the government has made important announcements for those who do not take compound interest.

How much cashback?

The Ministry of Finance has issued a guideline on this, according to which the amount which comes after deducting the simple interest from the compound interest of 6 months will be given to the borrower as cashback.

Who will get the benefit of this scheme?

If by February 29, 2020, someone has sanctioned a loan of up to Rs 2 crore (personal, car, home, or education loan). Or those who have an outstanding amount will get the benefit of this scheme.

What is the moratorium period?

Following the announcement of the lockdown on March 27, the Reserve Bank of India (RBI) said that in view of the situation, it had given three months relief to EMIs (credit card holders, whatever the loan may be), first from March 1 to March 31 and later extended to August 31. As such, loanholders were relieved of EMI during the moratorium.