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Government waives interest on loans upto Rs. 2 crores

Date: 26 October 2020 Tags: Banking & Financial Sector
  • The government has announced waiver of interest on interest for loans up to ?2 crore irrespective of whether moratorium was availed or not.
  • The Department of Financial Services came out with operational guidelines in the backdrop of Supreme Court’s direction to implement the interest waiver scheme, which is likely to cost the exchequer Rs 6,500 crore.
  • As per the guidelines, the scheme can be availed by borrowers in specified loan accounts for a period from March 1 to August 31, 2020.
  • As per the eligibility criteria mentioned in the guidelines, the accounts should not be Non-Performing Asset (NPA).
  • Housing loan, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.