Did you also have EMI in the moratorium period? Now banks will put so much money in your account!

If you had given EMI of your loan and credit card in the loan moratorium too, now the government is going to give big benefits to these people.

New Delhi: The Reserve Bank of India (RBI) in March announced the facility of loan moratorium to provide relief to the common man due to the rising outbreak of Coronavirus, but if you have also in your loan moratorium The EMI of loans and credit cards was given, so now the government is going to give big benefits to these people. Yes … if you also gave all the EMIs on time, now the money is coming to your account from the government. That is, you will be given cashback facility from the government. Let me tell you this will be applicable only to individual borrowers and small businesses taking loans up to Rs 2 crore.

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Supreme Court took this decision

Let us tell you that when the government had extended the loan moratorium period, there was confusion in the minds of the people whether interest would be imposed on interest during this period or not. A petition was filed in this regard in the Supreme Court. After hearing the petition, the court directed the Central Government to implement the waiver of interest on loans up to Rs 2 crore under the RBI’s Moratorium Scheme at the earliest.

Which loan holders have benefited – Under this scheme, the holders of home loan, education loan, credit card dues, vehicle loan, MSME loan, consumer durable loan will get the benefit. Will be calculated on the basis The government will refund this amount in a lump sum and according to an estimate, it may cost around Rs 6,500 crore from the central government.

A total of eight types of loan holders like housing loan, auto loan, personal loan, MSME, education, credit card dues, consumer durable loan and consumption loan will be benefited.

Money will come in the account – Under this scheme banks will give cashback to eligible borrowers and the government will give that money to banks. That means the government will pay. It is believed that out of this a loan of about 30-40 lakh crores will come under this scheme. According to an estimate, about Rs 5000-6500 crore will be in the form of interest at the rate of 8 percent per annum.

For example, if during the 6 months of Moratorium, you have filled an EMI of Rs 1.20 lakh per month at Rs 20 thousand. Suppose there is an interest of 20 thousand rupees in this 1.20 lakh rupees. According to the interest rate of about 8 percent on this interest, the interest in a year becomes 1600 rupees. In such a situation, customers will get a cashback of about 800 rupees on 6 months EMI payment as interest on interest. However, different loans have different rates of interest. The condition for this has been laid down that the loan should be classified under the Standard category and should not be declared a Non Performing Asset (NPA). Under this, this benefit will also be available on loans from non-banking financial companies and housing finance companies.

RBI gave loan moratorium facility for 6 months

Let us tell you that during the Corona epidemic, the RBI had given the facility of loan moratorium to the customers for 6 months. All those who were unable to pay EMI at the time of the pandemic took advantage of this facility.

By August 31, customers had received this facility

Let the customers know that this facility was given from March 1 to August 31. After this facility, the matter of interest on interest reached the Supreme Court during the moratorium period and the government said that the borrowers will not have to pay interest on the interest. This will affect about 7000 crores on the government exchequer.

What is moratorium?

Moratorium is a period in which there is a discount on EMI payments on the loan. That is, during this period, there is no pressure on the borrower to pay EMI. This period is also known as EMI Holiday. Usually this period is offered to those facing temporary financial difficulties to overcome it.

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