If you had given EMI / DEUTS of your loan or credit card in Moratorium period also, then the government will give you cashback till 5 November.
- Last Updated:October 28, 2020 7:35 PM IS
How long will you get cashback?
The central government has told the Supreme Court that all the lending agencies, including credit cards, have been directed to make payments to the accounts of eligible borrowers by 5 November 2020.
How much cashback will you get?Cashback equal to the difference between Compound Interest and Simple Interest will be received as cashback during the period of six months (from March to August) on credit card dews / EMIs.
Which people will benefit
1. On the credit card balance, the interest rate will be charged to the customers on the EMI basis during the time period of March 1, 2020 to August 31, 2020 based on the Weighted Average Lending Rate for finance transactions.
2. WALR calculations on credit card dues will be certified by the statutory auditor of the card issuing institution.
3. For the loan accounts that have been closed during the 6-month period of the moratorium, the credit time will also be from March 1 to the day of closure.
4. Cashback Key The amount will be deposited in the account of all eligible borrowers by November 5 without any application.