Credit card dues: What the waiver of interest-on-interest means for you
For credit card dues, the outstanding in the account as at the end of 29 February 2020 will be the reference amount
A weighted average lending rate will be used for calculating waiver of interest on interest
In a relief to borrowers amid the festive season, the government has announced waiver of interest on interest for loans up to ₹2 crore irrespective of whether moratorium was availed or not. According to estimates, the move is likely to cost the government ₹6,500 crore. As per the guidelines, the scheme can be availed by borrowers in specified loan accounts, including credit card dues, for a period from March 1 to August 31, 2020.