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.

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