NEW DELHI: Good news to the EMI (equated monthly installment) payers who had promptly paid their EMI even during the moratorium period, the Center is likely to reward them by waiving compound interest (on EMIs) of loans valued at up to Rs 2 crore.
According to reports, the centre government had already taken a decision over this and an official announcement is likely to be made by Diwali. The Reserve Bank of India has imposed a moratorium on all loans due to the Corona lockdown.
The Reserve bank of India announced the moratorium for all the loans which was in effect from March 1 to August 31, and most of the people did not pay their EMIs on time during this moratorium.
While a few others made payments as usual. According to sources in the Finance Ministry, the Center is in talks to waive interest on borrowers’ interest paid on EMIs of all personal and home loans of less than Rs 2 crore.
The Center government is ready to implement it for a period of six months as per the recommendations of the expert committee headed by Comptroller and Auditor General Rajiv Maharshi.