Centre to waive "interest on interest" on loans up to Rs. 2 crore during moratorium

11:00:00 AM, Saturday 3rd of October 2020 | in business

The Centre has told the Supreme Court that is will waive "interest on interest" on loans up to Rs. 2 crore during the six-month moratorium. This comes as a major relief for borrowers amid the coronavirus pandemic. The centre said in its affidavit that the relief will be available whether the borrower had availed of moratorium or not. Waiving off interest on loans to all categories for moratorium period will cost Rs. 6 lakh crore.