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Very big news updates out about Loan Moratorium FAQs PDF.You can download Govt issues FAQs on interest waiver scheme PDF file.Lets discuss all FAQs related to Loan Moratorium in 2020.
Loan Moratorium FAQs PDF(Govt issues FAQs on interest waiver scheme)
The department of financial services has issued a set of frequently asked questions (FAQs) on interest waiver scheme 2020 or the scheme of ex-Gratia payment of difference between simple and compound interest to eligible borrowers for a 6 month period between 01/03/2020 and 31/08/2020.
Loan Moratorium FAQs PDF(Govt issues FAQs on interest waiver scheme)- image file
FAQs
What is the ex gratia payment to the borrower under the scheme announced by GoI?
The bank/lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs. 2 crores(aggregate of all the borrowings / facilities from all the banks and financial Institutions)for the period from 1stMarch 2020 to 31stAugust 2020 (6 months / 184 days).
Do I have to apply for the relief?
No. The ex gratia reliefwill be credited to the account of all eligible borrowers without any requirement to apply.
Who will finalise the list of eligible accounts?
Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines.
How will the lending institution assess whether a borrower has aggregate loan facilities up to Rs.2.00 Cr from the banking system?
Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus.
Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of up to Rs.2 crore?
No. Non fund based limits will not be included for arriving at the eligibility.
Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package?
Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29thFeb 2020 are eligible for the relief package.
Are NPA accounts eligible for the relief package?
No. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020.
Loan Moratorium FAQs PDF(Govt issues FAQs on interest waiver scheme)
What are the main features of the ex gratia to borrowers scheme?
The main features / highlights of the scheme are as under:
a.Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020.
b.Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.
c.The relief shall cover the following segments–MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans.
d.The period reckoned for refund shall be from 1stMarch 2020 to 31stAugust 2020, i.e. 6 months period / 184 days.
Whether borrowers who have opted for deferment of Interest and Instalmentunder the RBI COVID 19 relief package earlier are eligible to avail the benefit under the above relief?
Yes. The package will be available for eligible borrowers irrespective of whether they have availed or partially availed or not availed the moratorium on repayment announced by RBI vide DOR. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020.
In which of my accounts will the differential amount be credited?
The differential amount will be credited to the respective loan account(s).
If I have already closed my loan account after March 1st2020 , how will the differential amount be paid to me?
It will be credited to your savings/ current account and if you do not maintain any such account with the lending institution, you can advise the lending institution the details of the account in other banks where the amount can be credited /remitted to.
To read full PDF about Loan Moratorium FAQs PDF(Govt issues FAQs on interest waiver scheme) and download this PDF click below
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