Due to the spread of the corona epidemic, businesses were paralyzed and many people lost their jobs. However, for this 6 month period, the banks charged interest (compound interest).
A case was filed in the Supreme Court against this. At the time, the central government said it had decided to waive the additional interest (compound interest) on loans up to Rs 2 crore in the interest of the borrowers. Filed an affidavit with detailed information in this regard.
The Central government has approved the new plan. Under this scheme, compound interest is waived for loans up to Rs 2 crore from March 1 to August 31.
It has been reported that there is no additional interest in home loans, small business loans, credit cards, education, and personal loans. The Finance Department has released a detailed report on this