Loan Moratorium: During the loan moratorium period, banks have started returning the amount of interest charged on the interest in the loan accounts. Under the Interest Waiver Scheme, banks are sending information about sending money to customers in a message. The central bank RBI last week asked all lending institutions, including all banks, non-banking financial companies (NBFCs) to ensure that interest on loans up to Rs 2 crore were taken during the six-month loan moratorium period. Implement the interest waiver scheme. In such a situation, you will definitely want to know how much money will come in your account during the moratorium period.
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How much will be the amount deposited in the account
Under this scheme, the difference between compound interest and simple interest will be credited to the customer’s loan account for the period between March 1, 2020 and August 31, 2020. Calculations will be done on February 29, 2020 at the rate of interest.
How much will be saved
On a home loan of 25 lakhs
Loan amount: Rs 25 lakh
Rate of interest: 8% per annum
Moratorium period: 6 months
Compound Interest: Rs 101682
Simple Interest: Rs 100000
Interest saving: Rs 1682
2 crore on home loan
Loan amount: Rs 2 crores
Rate of interest: 8% per annum
Moratorium period: 6 months
Compound Interest: Rs 813452
Simple Interest: Rs 800000
Interest saving: Rs 13452
note: Similarly, savings in the form of interest of the borrowers will be calculated according to the loan taken and other interest rate taken under other than housing loan. Here is information about saving interest only. Tax savings will have to be reduced in net savings.
Six month moratorium period
The bank is sending this amount under the RBI’s Covid 19 Regulatory Package. The RBI had earlier stopped banks from charging installation and interest (EMI) on March 27 from March 1 to May 31, which was later extended for three months. In this way there is a 6-month moratorium period under the Covid-19 regulatory package of RBI.
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Demand for industries, their loans should also be restructured
Waiver of interest on interest is scheduled to be heard on 18 November. In this hearing, the Supreme Court will hear the demand of different industries. The demand of these industries is that their loan should also be restructured. Apart from this, during the hearing on the loan moratorium today, the RBI urged the Supreme Court to remove the interim order which said that the accounts which have not been declared NPA till August 31 this year, were not declared NPA until further order. Will go.