"Only Solution": Centre To Waive Interest On Loans Up to Rs. 2 Crore

Saturday, 3 October 2020Newsdesk

In a huge reprieve for borrowers, the government has told the Supreme Court that it is ready to waive interest on the repayment of loans of up to ₹ 2 crore, frozen by the Reserve Bank of India (RBI) in a six-month moratorium granted because of the coronavirus pandemic.

New Delhi, 03 October 2020

As per news report of NDTV, the interest waiver will apply for loans taken by MSMEs (Micro, Small and Medium Enterprises), for educational, housing, consumer goods and auto loans and for credit card dues. "Under pandemic conditions, the only solution is for the government to bear the burden of waiving of interest," the government has said in an affidavit submitted on Friday, adding that it will seek parliament's permission for grants to enable the move. For the categories specified by the government, the waiver on interest will be irrespective of whether the borrower has availed of the moratorium.

Source -NDTV