How to avail benefits from home loan to credit card dues Interest waived on interest

Giving big relief to the common people and small and medium businessmen who are taking loans from the bank, the Center on Saturday told the Supreme Court that under the installment moratorium announced during the Kovid-19 epidemic, interest on the loan interest of up to Rs 2 crore will be six. Will not be taken for the month. After this affidavit of the government, many questions will be arising in your mind, like, if you have paid EMI, how will you get benefit? Do you have to apply to the bank to get the amount back? Will there be a discount on credit cards and auto loans? Will you be able to avail loan on TV-Fridge? Will there be a benefit on home loan and personal loan? Will there be a benefit if you miss EMI before Moratorium? Who else will get the benefit? See the answer to all these questions ,,,

How will you get benefits if you pay EMI

This benefit will be available to the beneficiaries of Moratorium as well as those paying EMI in that period. However, how they will benefit from this will be assessed separately because such consumers have been paying EMI since time, then the amount paid by them will be higher.

Will there be a discount on credit cards and auto loans

According to the decision of the government, this will be available for many types of loans, including credit cards and auto loans. Many banks have also given the option of converting credit card dues to personal loans. At the same time, the RBI had also ordered moratorium on the credit card. In this case, this rebate will also be available on credit card.

Will you get benefit on home loan and personal loan

According to the affidavit filed by the government in the Supreme Court, home loans and personal loans will not be charged on the interest. In such a situation, you have taken such a loan and availed the facility of Moratorium, then they will also get the benefit. Also, it will get benefits on education loan.

Will you be able to avail loan on TV-Fridge

Consumers who buy TV-Fridge on EMI will also get the benefit. Banks provide loans under the category of consumption loans, ie consumer loans, for TV-fridges. In such a situation, you will not have to pay interest on its debt.

Will small industries come under its purview

According to the affidavit filed by the government in the Supreme Court, the loans given to Micro, Small and Medium Enterprises (MSME) are also included in this. In such a situation, these industries will be exempted from paying interest above the interest under Moratorium on loans up to two crore rupees.

Do you have to apply to the bank to get the amount back

The bank will not give this amount but the government will return it. The Center said that in this regard, the government would seek appropriate powers from Parliament to release the grant. After getting permission from the Parliament, the government will send the amount to the consumers’ account.

Will you get a benefit if you miss EMI before Moratorium

Such consumers will not get benefit. Under the Moratorium, the Reserve Bank had already made it clear that only those borrowers who did not default in EMI payments before March defaulted to the benefit of the Moratorium. Apart from this, the government has further stated in the affidavit that any person or institution whose loan amount is more than two crore rupees will not be eligible for exemption from interest on interest.

Praised the decision in the industry

Ph.D Chamber of Commerce President D.K. Aggarwal said that this is a very step for the government to benefit more and more people while putting less burden on the treasury. This will provide relief to a large number of consumers as well as small companies who are going through difficulties in the Corona crisis. Aggarwal said that if consumers get benefits, then it will increase their purchasing power and it will also benefit the market and economy in future.

Also read: Relief to all borrowers: Even those who do not avail the loan morotorium will not have to pay interest on interest

Sushma Morthania, Director General of the India SME Forum, in her talks with Hindustan, welcomed the government’s decision to waive interest. He said that this decision will not only benefit the customers taking small loans but also small companies will get relief in the Corona period. He also said that in the current era, the scope of SME and MSME has been extended by the government, it would have been better if the government had extended the limit of two crore rupees for loans up to five crore rupees.


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