{"id":6128,"date":"2020-11-12T16:49:39","date_gmt":"2020-11-12T11:19:39","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=6128"},"modified":"2020-11-12T16:49:39","modified_gmt":"2020-11-12T11:19:39","slug":"good-news-banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/good-news-banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period\/","title":{"rendered":"Good News \u2013 Banks will give cash back on interest you paid during moratorium period"},"content":{"rendered":"\n<p>When the loan moratorium was announced, people\nthought it was a miracle. Now they don\u2019t need to repay the loan EMI until 3-6\nmonths. <\/p>\n\n\n\n<p>While the world was rejoicing, the news came out\nthat anyone who opted for the moratorium doesn\u2019t need to repay the loan EMI but\nthe interest component will be charged. This means you will be charged\n\u201cInterest on Interest amount of your loan EMI\u201d.<\/p>\n\n\n\n<p>The good news turned into bad news and people\nbecame helpless. Because of the pandemic, they either lost their jobs or lost\ntheir source of income. The moratorium period was extended up to 6 months. Now,\npost 6 months, you are expected to repay your loan EMI as you used to and also\nrepay the extra interest amount.<\/p>\n\n\n\n<p>Seeing this situation, the Supreme Court directed\nthe Central Government and the Banks to ensure the interest money is given back\nto the customers before Diwali. Yes, that extra money will be given back to you\nbefore Diwali. Isn\u2019t that great news?<\/p>\n\n\n\n<p>Here are certain things you need to know about\nthis decision:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> \u25a0 Loans up to 2 crore rupees will only be covered.<\/li><li> \u25a0 Lenders will have to credit the amount to customer\u2019s account before November 5<sup>th, <\/sup>2020.<\/li><li> \u25a0 This benefit applies to the following products &#8211; MSMEs, education loans, <a href=\"https:\/\/www.ruloans.com\/ruloans-home-loan.htm\">home loans<\/a>, and consumer durable loans, credit card pending dues, car loans, <a href=\"https:\/\/www.ruloans.com\/personal-loan-new.htm\">personal loans<\/a>, and professional loans.<\/li><li> \u25a0 Banks that fall under this decision &#8211; Private and Public sector banks, Co-operative banks, Regional Rural Bank, NBFC, etc.<\/li><\/ul>\n\n\n\n<p><strong>Steps through which Banks will credit\nthe \u201cInterest on Interest\u201d amount during loan moratorium:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li> \u25a0 The      difference that\u2019s between the compound interest and simple interest in the      eligible borrower\u2019s account from March 1, 2020, to August 31, 2020, will      be credited.<\/li><li> \u25a0 Also,      the cashback amount must be offered to all loan customers. It doesn\u2019t      matter if the customer applied for a full moratorium, half moratorium, or      even those who did not apply for the moratorium. <\/li><li> \u25a0 After      the Banks and other lenders have credited the amount in the customer\u2019s      account, they can claim the amount as reimbursement from the Government of      India. This amount will be flown through the nodal agency i.e. the State      Bank of India.<\/li><\/ul>\n\n\n\n<p>We hope this great news brings happiness back to your\nlives this Diwali. Ruloans team wishes you all a Happy Diwali 2020 in Advance.<\/p>\n\n\n\n<p>For any of your loan queries or knowing the best\ndeals on <a href=\"https:\/\/www.ruloans.com\/personal-loan-new.htm\">personal\nloans<\/a> <a href=\"https:\/\/www.ruloans.com\/ruloans-home-loan.htm\">and home loans<\/a>,\nvisit our website and apply.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the loan moratorium was announced, people thought it was  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":6129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-6128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan"],"rttpg_featured_image_url":{"full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",1200,675,false],"landscape":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",1200,675,false],"portraits":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",1200,675,false],"thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-150x150.jpg",150,150,true],"medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-300x169.jpg",300,169,true],"large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-1024x576.jpg",1024,576,true],"1536x1536":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",1200,675,false],"2048x2048":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",1200,675,false],"blog-large":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-669x272.jpg",669,272,true],"blog-medium":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-320x202.jpg",320,202,true],"recent-posts":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-700x441.jpg",700,441,true],"recent-works-thumbnail":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-66x66.jpg",66,66,true],"fusion-200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-200x113.jpg",200,113,true],"fusion-400":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-400x225.jpg",400,225,true],"fusion-600":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-600x338.jpg",600,338,true],"fusion-800":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-800x450.jpg",800,450,true],"fusion-1200":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",1200,675,false],"portfolio-full":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-940x400.jpg",940,400,true],"portfolio-one":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-540x272.jpg",540,272,true],"portfolio-two":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-460x295.jpg",460,295,true],"portfolio-three":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-300x214.jpg",300,214,true],"portfolio-five":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3-177x142.jpg",177,142,true],"menu-24x24":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",24,14,false],"menu-36x36":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-will-give-cash-back-on-interest-you-paid-during-moratorium-period-.3.jpg",36,20,false],"menu-48x48":["https:\/\/www.ruloans.com\/blog\/wp-content\/uploads\/2020\/11\/Banks-wi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href=\"https:\/\/www.ruloans.com\/blog\/home-loan\/\" rel=\"category tag\">Home Loan<\/a>","rttpg_excerpt":"When the loan moratorium was announced, people thought it was 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