Loan Moratorium Cashback : Lockdown मे भी भरी है EMI तो Bank से मिलेगा Cashback |Loan Moratorium 3.0

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Loan Moratorium Case : Lockdown मे भी भरी है EMI तो Bank से मिलेगा Cashback | Live Calculation

Loan Moratorium Cashback : Lockdown मे भी भरी है EMI तो Bank से मिलेगा Cashback |Loan Moratorium 3.0

Compound interest waiver: Borrowers to pay simple interest on education, housing, auto loan for six months

In view of the unprecedented and extreme COVID-19 situation, the government announced a major relief for individuals and MSME borrowers by waiver of the compound interest on specified loans for six months period. The loans eligible under the scheme include MSME loans, education loans, housing loans, consumer durable loans, credit card dues, automobile loans, personal loans to professionals, consumption loans. The Government announced a scheme called, 'Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)

We will get a cashback from the lenders equal to a sum of 'compound interest paid - simple interest.'

Interest Calculation Link :-
https://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php

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