Finance Ministry Approves Guidelines To Waive Off Loans

• Finance Ministry has approved the guidelines for the loan waiver scheme.

• As per the directions of the supreme court to implement the new scheme as soon as possible, the ministry has come up with the new guidelines regarding the waiver on loans.

• The finance ministry has decided to grant the ex-gratia payment against the difference between the simple interest and compound interest for six months on loan up to ₹2 crores.

• The scheme can be availed by the borrowers who have partially availed, fully availed or have not availed the loan moratorium scheme from March to August.

• Housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans are covered under the scheme.