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Good News: During the wave of Corona epidemic, the government had announced to return the interest on interest for six months under the loan moratorium. Guidelines have also been issued for this. Under this, the government is paying the amount. Let’s know everything about it:

Good News: Many big decisions have been taken in the cabinet meeting chaired by Prime Minister Narendra Modi. In this, a decision has been taken in the interest of the borrowers. The Union Cabinet has approved the payment of an amount of Rs 973.74 crore. Which is linked to the balance claims submitted by Lending Institutions (LIs) under the scheme of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in loan accounts (1.3.2020 to 31.8.2020) .

Let us tell you that during the initiative wave of Corona epidemic, the government had announced to return the interest on interest for six months under the Loan Moratorium. Guidelines have also been issued for this. Under this, the government is paying the amount.

Who will benefit and how:

When the lockdown was imposed at the time of Corona. Then the Reserve Bank of India had given the facility of deferring the loan moratorium i.e. installment payment for the first three months and then for three months and for a total of six months from March to August.

But it was said that banks can charge interest on this arrears. It was opposed on the basis that a large part of the loan installment is of the same interest, then why is the banks being allowed to charge interest on this as well, while people are so upset in the Corona crisis.

In this scheme, the government will pay the difference between the compound interest and the simple interest for the loan tenure of the loan to the distressed/weaker category borrowers up to six months.

Will equally help small borrowers to tide over the crisis arising out of the pandemic and get back on their feet, irrespective of whether the borrower has availed the moratorium or not.

How much will be paid:

For the operation of the scheme with the approval of the cabinet, guidelines have already been issued. According to the guidelines, Rs 973.74 crore will be given.

Who will get benefit:

  • MSME loans up to Rs 2 crore.
  • Education loan up to Rs 2 crore.
  • Home loan up to Rs 2 crore.
  • Consumer Goods Loan (Durable) up to Rs.2 crore.
  • Credit card dues up to Rs 2 crore.
  • Auto loan up to Rs 2 crore.
  • Personal loans to professionals up to Rs 2 crore.
  • Loan for consumption up to Rs.2 crore.

A budget allocation of Rs 5,500 crore was made for the scheme in the financial year 2020-2021. The entire amount of Rs 5,500 crore, approved by the cabinet, was paid to SBI, the nodal agency under the scheme, for consequent reimbursement to the lending institutions.

An estimated amount of Rs 5,500 crore was worked out by estimating the share of SBI and scheduled commercial banks for the above category of loans. The Cabinet was also apprised of the fact that the actual amount would be determined only after the lending institutions submit their pre-audit account-wise claims.

Now, SBI has informed that it has received consolidated claims of about Rs 6,473.74 crore from lending institutions. Since Rs 5,500 crore has already been given to SBI, now cabinet approval is being obtained for the remaining amount of Rs 973.74 crore.

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