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What is Centre's Interest Waiver Scheme? | Avni Raja Explains
Posted
October 28, 2020
Views
133
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1
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2.26%
October 28, 2020
133
1
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2.26%
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3:10Now PlayingSome good news is coming in for borrowers just before Diwali. The RBI notified the Centre's interest waiver scheme for loans between March 2020 and August 2020. Under the scheme, all banks and lending institutions will refund the interest on interest for loans up to 2 crores during the 6-month moratorium period. The waiver scheme will cost the government Rs 6,500 Cr and will be applicable on loans below 2 crore across 8 categories including MSME loans, education, housing, consumer durable loans, credit card dues, auto loans, personal and consumption loans. The RBI has directed all lending institutions to implement the scheme by November 5th.
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