The Ministry of Finance vide its notification dated 23rd October 2020 has approved a “Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts.
The borrowers of MSME loans, Education loans,
Housing loans, Consumer durable loans, Credit card dues, Automobile Loans,
Personal loans to professionals, Consumption loans and who have loan accounts
having sanctioned limits and outstanding amount of not exceeding Rs. 2 crore as
on February 29, 2020, shall be eligible under the Scheme.
The scheme is applicable on those who have not
availed the moratorium scheme and continued with the repayment of loans and the
lending institutions after crediting the amount will claim the reimbursement
from the central government.
Issues and concerns relating to claims submitted by the lending institutions shall be handled through the designated cell at SBI in consultation with the Government of India. Each lending institution shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of issuance of these scheme guidelines, at an appropriate level.
