Will we get cashbacks for EMI loans taken during mortarium
- 640
- 23
-
- Last Comment
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
- Sort By
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
@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. 
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.
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
Hdfc started crediting the amount….
I got a refund of Rs. 2975 on a home loan of 42L from SBI (emi 38000)
But my pl loan account is closed a month ago. I need to raise request to get it I’m my savings account. 
Does it apply for No Cost EMI loans on credit card.
@mrKool_JJ @bikidas2060 @hotchap @malikcool @guest_999 @androgame