Good News! Cashback will be given to those who give EMI till 5 November

On this Diwali, the government is going to give a huge gift of Rs 6,500 crore to the country's debtors. If you have taken a loan of Rs 2 crore from any financial institution then you will also get this gift. The bank or financial institution from which you have taken this loan will transfer this amount to your account by November 5.

 

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There is no problem with the scheme

 

Rajkiran Rai, chairman of the Indian Banking Association, said it was a very direct plan. If the loan is not NPA by February 29, all the loan holders will get the benefit of this scheme. It will take no time to calculate, as all the work will be done with the help of software.

 

However, to take advantage of this, the approval of auditors will be required. Only auditors will check eligibility. It is assumed that the banks will create a column on their website. Eligible lenders will be able to keep their problems here.

 

Interest waived at the time of cancellation

 

In fact, the central government has given huge relief to the borrowers. It has announced a Diwali gift for borrowers from banks, which provides interest relief on loans up to Rs 2 crore.

 

This relief relates to the moratorium period which was implemented from March 1 to August 31. During this period, borrowers were given immediate relief from EMI.

 

The central government's scheme will benefit all borrowers, whether or not they have availed a six-month rebate from the installment payment.

 

The Financial Services Department issued directions for the implementation of the interest relief scheme after the Supreme Court directed it to do so.

 

The implementation of the scheme is expected to cost the exchequer Rs 6,500 crore.

 

Loans must not be NPAs until February 29

 

The apex court on October 14 directed the Center to take immediate decision on waiver of interest on loans up to Rs 2 crore by the Reserve Bank in the wake of the Kovid-19 epidemic.

 

The Supreme Court had said that the Diwali of the common man is now in the hands of the government. According to the ministry's guidelines, "Borrowers who have no sanctioned limit on their loan account or have a total balance due by February 29 will be eligible to avail the benefits of the scheme."

 

According to the eligibility requirements set out in the guidelines, these accounts must be standardized by February 29. Standard accounts are accounts that are not declared NPAs.

 

You will get benefits on all types of loans

 

Under this scheme, home loan, education loan, credit card arrears, auto loan, MSME loan, the consumer will get the benefits of sustainable loan. Under the scheme, the financial institution will have to deposit the difference between compound interest and ordinary interest in the respective accounts.

 

The scheme states that the borrower has opted for the full or partial benefit of the rebate scheme from the installment repayment announced by the Reserve Bank on March 27, 2020. The scheme states that it will be considered eligible for interest relief. . The Debt Relief Scheme will benefit borrowers who continue to pay regular installments.

 

Debts up to Rs 40 lakh crore will come under this category

 

It may be mentioned that under this scheme banks will give cashback to eligible borrowers and the government will give that money to the banks. Financial institutions have a debt of about Rs 100 lakh crore. It is estimated that out of this, about Rs 30-40 lakh crore will be covered under the scheme.

 

At an interest rate of 8%, the interest will be around Rs 5,000-6,500 crore. This benefit will go to the bank borrowers and the government to the banks.

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