new Delhi. In the Corona period, the loan moratorium was provided by the government with a view to providing relief to the people suffering from economic crisis. Under this, customers taking loan were given a fixed extension to pay EMAI. However, people were worried about adding interest to interest. Later, after the matter went to the High Court, the government gave a discount to the borrowers of up to Rs 2 crore. Now the government has given some more relief to the interest waiver scheme which avails the Moratorium facility. According to the new government directive, people who had paid EMI of their loan or credit card in Moratorium period also will be given cashback from the government. Apart from this, people with limits up to two crore rupees will also get this benefit. The amount will be sent to their account by 5 November.
Rebate to the extent of two crores
According to the new government directive, customers who gave EMI of their loan or credit card during the time period of 1 March 2020 to 31 August 2020 will be given cashback. Customers will not have to apply for cashback amount. The amount will automatically come into the account of all eligible lenders by November 5. All the borrowers, whose total debt as on 29 February 2020 did not exceed Rs 2 crore, will be eligible to avail the scheme. Apart from this, customers who did not avail the Moratorium will also get cashback from the bank.
They will be entitled to benefits
1. Those who have taken MSME loan, education loan, home loan, consumer durable loan, credit card dues, automobile loan, personal loan and consumption loan will be entitled to it.
2. The amount of the loan should not exceed Rs 2 crore.
The loan account should be standard by February 29, 2020.
4. The lending institution should be a banking company, public sector bank, co-operative bank or regional rural bank, all India financial institution, non-banking financial company, housing finance company.
5. Cashback payment will be made to the loan account of the customer. Then even if the customer has fully availed, partially availed or not availed.