Are you eligible for refund under interest waiver scheme? Check new rules

The government on Tuesday evening issued ‘frequently asked questions’ on its scheme to refund the compound interest on loans by borrowers, during the loan moratorium period from March-August, 2020, following an ongoing petition in the Supreme Court. 

The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system, due for repayment during this period. Credit card dues will also be eligible, the government said.

Here are a few key highlights of the scheme:

FOR BORROWERS

*All loan accounts with sanctioned limits and outstanding not exceeding Rs 2 crore as on