EMI Moratorium: SC breather to customers, directs government to implement decision to forego interest on loans

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There is news of work for those taking EMI, Personal Loan, Home Loan. An important hearing took place today in the Supreme Court on the Lone Moratorium case. Under this, the court heard petitions seeking interest waiver during the term of the loan moratorium.

Supreme Court resumes hearing in interest waiver or debt suspension case

The court on Friday directed the government to ensure that it takes all steps to implement its decision to waive interest on eight specified categories of loans up to Rs 2 crore in view of the corona virus epidemic. The eight categories of loans include MSME (micro, small and medium enterprises), education, housing, consumer durables, credit cards, automobiles, personal and consumption. The Supreme Court has resumed hearing in the interest waiver or loan moratorium case. The petitioner in front of the SC said that during the Corona crisis people’s credit score has been affected and this will affect the future prospects of payment. The court said on Friday that the Center would have to make arrangements to benefit the beneficiaries of the Moratorium. For the recovery, the banks experienced a lot of trouble. Another relief is required in the form of an interest pardon.

Banks may follow general rules of business

The top court disposed of Gajendra Sharma’s application and sought an interest waiver. The Supreme Court adjourned the case till December 02, 2020, stating that banks can follow the normal rules of business. For Indian banks, Harish Salve said that people are getting money from unqualified accounts. The court should consider withdrawing the order barring the accounts from being classified as NPA. If there is no NPA, at least allow banks to stop overdraft facilities.

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