Centre's big relief to borrowers, issues guidelines for interest waiver on loans upto Rs 2 crores
It is a significant relief to borrowers as the Finance Ministry has issued guidelines for implementation of interest waiver on loans up to Rs 2 crore irrespective of whether the RBI moratorium was availed or not. It is going to be implemented in the backdrop of the Supreme Court's direction on October 14th to implement the interest waiver scheme as soon as possible. As per the guidelines, the scheme covering Housing loans, education loans, MSME loans, durable consumer loans, credit card dues, auto loans, and consumption loans can be availed for a period from March 1st to August 31st, 2020. The interest waiver scheme is likely to cost the exchequer Rs 6,500 crore.