According to the government’s set of questions and answers, if someone has a housing loan of 1.30 crore, education loan of 70 lakh and auto loan of 20 lakh, then his total loan will be considered as 2 crore and the same will be relieved.
The moratorium will benefit on loans like housing, personal, credit card, auto. You do not have to process anything for this nor fill a form. Bank will calculate interest on interest on your basis and will send money to your account if you have 4 loans and all four. Including loan amount is 2 crores, then you will get the benefit
If you are thinking that you will get the benefit of X Gracia on all types of loan moratorium, then it is wrong. It is reported that the government will not give any ex-gratia benefits on loans taken in lieu of fixed deposits (FDs), shares and bonds. That is, these loans have been taken out of the government’s relief scheme.
Loans up to 2 crores will benefit
Explain that the government and RBI have announced a relief under Moratorium for loans up to Rs 2 crore. In this, even if you have not taken a moratorium on the loan during the period from March 1 to August 31, you will get the difference between interest on interest and simple interest. The bank will calculate this on its basis and put it into your account.
Government has issued a set of question and answer
Explain that for this you do not have to do any procedure nor fill any form. The government on Tuesday issued a question and answer in the matter. In this, the government said that under the scheme of compound interest (interest on interest) and simple interest, X Gracia will be benefited in this scheme. You will get this benefit only when there is no overdue payment on you.
X Gratia will be available only when the account is not NPA
The government’s X Gracia payment will be applicable only on special account or for those whose overdue payment is less than 90 days but it is not NPA. If you use a credit card, the interest charged by the bank from you will be converted into an outstanding EMI. According to bankers, you will not get the benefit of X Grecia on the loan taken in lieu of securities. Because such loan is used only for trade in the market.
These loans will benefit
According to what the government or RBI has said so far, this relief will apply to loans like MSME loans, education loans, housing, consumer durables, automobiles and any consumption. It also includes personal loans, credit cards. According to the government’s set of questions and answers, if someone has a housing loan of 1.30 crore, education loan of 70 lakh and auto loan of 20 lakh, then his total loan will be considered as 2 crore and he will get relief.