Will we get cashbacks for EMI loans taken during mortarium

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adi8348

I had a few EMIs running from pre-covid and still ongoing. As per the directives given by Central government banks will return the difference between Compound Interest and simple interest for the mortarium period.

Can I expect some amount to be returned for the interest I paid during mortarium?

PS: I paid my dues fully

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When you have not availed moratorium, there was no compound interest levied on you. When you have not paid any compound interest you shouldn’t be getting anything back

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rsai01 wrote:

When you have not availed moratorium, there was no compound interest levied on you. When you have not paid any compound interest you shouldn’t be getting anything back

talking about EMI on credit cards or in general?

Coz for people who take home loans they do pay compound interest in spite of not availing moratorium

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adi8348 wrote:

talking about EMI on credit cards or in general?

Coz for people who take home loans they do pay compound interest in spite of not availing moratorium

House loan EMIs have the principal component and the interest component (which includes the CI). Banks wanted to charge interest on this “principal” interest component too during the moratorium period.

So only the “extra” interest that was planned on being charged on the interest component of various loans is being refunded. That only if someone had availed the moratorium and the loan amount is not greater than 2 crores.

In your case you have not availed the moratorium and nothing changes for you. You will pay the same amount as was conveyed to you when you availed the EMI. So don’t expect any relief in your case.

PS- Ignore this as andromeda has a different update.

Analyst Analyst
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@adi8348 @rsai01
The scheme mentions that while making the calculation, the repayments in the loan account during the period will be ingored to make the approach uniform. So a person who duly paid will also get the benefit as if the person has not paid. This benefit will be credited back to his loan account. And with the understanding I have, this amount will be equivalent to 0.45xOneMonthEMI.

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andromeda wrote:

@adi8348 @rsai01
The scheme mentions that while making the calculation, the repayments in the loan account during the period will be ingored to make the approach uniform. So a person who duly paid will also get the benefit as if the person has not paid. This benefit will be credited back to his loan account. And with the understanding I have, this amount will be equivalent to 0.45xOneMonthEMI.

I thought that was applicable only for MSMEs.. Good to know that it is applicable for individuals too and they came up with a formula too. smile

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rsai01 wrote:

I thought that was applicable only for MSMEs.. Good to know that it is applicable for individuals too and they came up with a formula too. smile

From the news articles, it is applicable to even Personal Loans and Credit cards. I foresee a big mess in the calculations. I will wait and watch the fun than to brainstorm

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andromeda wrote:

@adi8348 @rsai01
The scheme mentions that while making the calculation, the repayments in the loan account during the period will be ingored to make the approach uniform. So a person who duly paid will also get the benefit as if the person has not paid. This benefit will be credited back to his loan account. And with the understanding I have, this amount will be equivalent to 0.45xOneMonthEMI.

thanks for info bro smile

Deal Subedar Deal Subedar
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Yes you will get ..
Dont expect huge amount …for Loan of 50Lac roughly 2-3K is what you will be getting

Analyst Analyst
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Sudarshan61 wrote:

Yes you will get ..
Dont expect huge amount …for Loan of 50Lac roughly 2-3K is what you will be getting

Refer to my last sentence in the above comment. 0.45xOneMonthEMI. Any idea how do they calculate for credit cards? If they credit for personal loan, I will be super excited. I think I’m getting something from government for the first time.

Deal Subedar Deal Subedar
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I got 250.09 as EXGRATIA INTEREST REFUND in hdfc cc. Not sure why they credited. I didn’t even buy anything in emi.

Deal Subedar Deal Subedar
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andromeda wrote:

Refer to my last sentence in the above comment. 0.45xOneMonthEMI. Any idea how do they calculate for credit cards? If they credit for personal loan, I will be super excited. I think I’m getting something from government for the first time.

It will be based on balance outstanding of Feb End

Deal Subedar Deal Subedar
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Hdfc started crediting the amount….

Deal Subedar Deal Subedar
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JaiKrish1031 wrote:

I got 250.09 as EXGRATIA INTEREST REFUND in hdfc cc. Not sure why they credited. I didn’t even buy anything in emi.

Does not matter..
This amount is based on your balance outstanding of 29th Feb…Irrespective if you have paid it in full

Deal Cadet Deal Cadet
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I got a refund of Rs. 2975 on a home loan of 42L from SBI (emi 38000)

Deal Subedar Deal Subedar
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JaiKrish1031 wrote:


https://cdn0.desidime.com/attachments/photos/647998/medium/IMG_20201105_094602.jpg?1604549800

But my pl loan account is closed a month ago. I need to raise request to get it I’m my savings account. blush

Deal Cadet Deal Cadet
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JaiKrish1031 wrote:

I got 250.09 as EXGRATIA INTEREST REFUND in hdfc cc. Not sure why they credited. I didn’t even buy anything in emi.

How much loan u have

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wardhank wrote:

How much loan u have

Its credit card. I didn’t bought anything in emi recently.

Deal Cadet Deal Cadet
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JaiKrish1031 wrote:

Its credit card. I didn’t bought anything in emi recently.

What is loan amount due on 29 Feb?

Deal Cadet Deal Cadet
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Does it apply for No Cost EMI loans on credit card.

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JaiKrish1031 wrote:

But my pl loan account is closed a month ago. I need to raise request to get it I’m my savings account. blush

What is the name of Message app?

Missing