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What is loan recast scheme?
Only standard loan accounts with no default as of March 1 can be recast under Covid scheme: RBI. RBI said a loan account that was due for more than 30 days as on March 1, 2020, but subsequently got regularised, will not be ineligible for resolution under the COVID-19 resolution framework.
What is the new loan recast scheme for small borrowers?
resolution framework 2.0
Individuals and small businesses with loans of up to Rs 25 crore who have never undergone restructuring before and who were classified as standard as on March 31, 2021, shall be eligible under the new scheme, titled resolution framework 2.0.
Which loans are covered under MSME?
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- Pradhan Mantri Mudra Yojana (PMMY)
- Prime Minister’s Employment Generation Programme (PMEGP)
- Credit Guarantee Trust Fund for Micro & Small Enterprises (CGT MSE)
- Credit Linked Capital Subsidy Scheme (CLCSS)
- Equity Infusion for MSMEs through Fund of Funds.
What is the time period for a term loan to be classified as NPA?
90 days
In most cases, debt is classified as nonperforming when loan payments have not been made for a period of 90 days. While 90 days is the standard, the amount of elapsed time may be shorter or longer depending on the terms and conditions of each individual loan.
What is irregularity in SBI home loan?
Penal Interest will not be charged for loans up to Rs 25000. For Loans above Rs. 25000/- , if the irregularity exceeds EMI or Installment amount, for a period of one month ,then penal interest would be charged @2\% p.a.(over and above the applicable interest rate) on the overdue amount for the period of default.
How can I settle my NBFC loan?
When you approach another bank for a loan, it is highly likely that your application will be rejected. This is because your credit report says that you have in the past failed to fully repay a loan. “The customer may go for settlement on one or more than one credit facility with the same bank or multiple banks.