Moratorium Interest Waiver Update. Loan Emi Moratorium Extension. Moratorium. Moratorium News Today
1- Centre to ensure interest waiver benefits to small borrowers by Nov 2- The Union government is set to pass on the benefits of the compound interest waiver to small borrowers before November 2.
Banks, on the other hand, have started making additional provisioning based on their own judgment of the loan books in balance sheet for the second quarter following the Supreme Court’s standstill order on classifying loans as non-performing assets (NPA). “We are putting all our efforts to ensure that we pass on compound interest waiver to borrowers before the SC deadline,” a top government official said, requesting anonymity. Both .
2- Relief to borrowers: Timely EMI payers may be rewarded- As a relief to borrowers, the Central government plans to waive compound interest on equated monthly instalments (EMIs) of loans valued at up to ₹2 crore, as per a report.The waiver will thereby extend the benefit to all types of loans, including home mortgages, and to borrowers who paid their EMIs during the duration of the moratorium, two officials aware of the plan said, according to a report by Hindustan Times.The plan to waive interest on interest during the moratorium between March 1 and August 31 is a work in progress and a formal announcement is expected before Diwali, the officials told HT, requesting anonymity.“There should not be any sector-specific discrimination. It is not prudent to exempt interest on interest for personal loans only and deny the same for home loans. It will be extended to all those who have taken loans up to ₹2 crore, which is a reasonable limit,” said one of the officials, who is in a senior position in the finance ministry.
3- Card users to gain more from ‘interest on interest’ waiver- The point to note, a public sector bank official said, is that the government’s proposal waives interest on interest dduring the moratorium, but borrowers still have to pay the simple interest for the moratorium period.
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