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.