The Loan compound interest waiver is interesting. Banks and NBFCs have to pay you money, into your account, the interest on interest calculated for the moratorium period. Even if you didn't take the moratorium or paid back in time. financialservices.gov.in/sites/default/…
And the money has to be paid before 5 November. And you don't need to apply or anything - the bank needs to calculate and pay on its own.
And then it can claim the money back from the government.
And then it can claim the money back from the government.
Interestingly, even a 0% interest loan will pay you money back!
(A Zero percent EMI is actually at a higher interest rate - check: capitalmind.in/2020/01/how-ze…)
(A Zero percent EMI is actually at a higher interest rate - check: capitalmind.in/2020/01/how-ze…)
If the bank/NBFC doesn't pay you, you'll have to raise a grievance with them (not with the government). It's not apparent how they can pay you after 5 November, so it's best you start mailing them now anyhow.
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