Tag Archives: interest on interest

Consumer loans will also be eligible for the interest exemption scheme, the finance ministry clarified on Wednesday. “Consumer loans, including those backed by gold as collateral, are eligible under the interest exemption scheme,” the Finance Ministry said. On Wednesday, the ministry issued another round of frequently asked questions about the …

In a great relief to borrowers this holiday season, the Finance Ministry issued guidelines to implement an ‘interest on interest’ exemption for six months. “The Government of India has announced the Program for the granting of ex gratia payment of the difference between compound interest and simple interest for six …

COVID-19 loan relief: loan account must be healthy as of February 29 All banks and other lenders in the country will soon credit the difference between compound and simple interest on eligible loan repayments of up to Rs 2 crore due between March and August. The move is intended to …

The government has announced guidelines for the exemption from compound interest, which was payable by borrowers who had opted for a moratorium on their equivalent monthly payments (EMI) for a period of six months between March and August 2020. This will eliminate the interest-on-interest burden for all micro, small and …

NEW DELHI: Amid demands for help from sectors like real estate, the Center said Friday that it would not be possible to add to the already announced financial aid packages and waive compound interest for the six-month loan repayment period months. He also urged the Supreme Court not to receive …

MUMBAI: On Monday, the Supreme Court gave the Reserve Bank of India and the Center one week to file additional affidavits on the compound interest exemption issue during the moratorium period for loans up to ₹2 crore. The higher court will hear the matter on October 13. It asked the …

The announcement, made in an affidavit before the Supreme Court, was welcomed by retailers and small businesses that have been hit the hardest by the pandemic. But it came twinned with a warning. Bearing the cost of paying interest on interest, he told the court, “would naturally have an impact …

NEW DELHI: The Center will waive ‘interest on interest’ charges on loans until ₹2 crore for six months through August. In an affidavit to the Supreme Court, the government said that due to unprecedented conditions “the only solution is for the government to bear the burden of waiving interest” and …