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During moratorium period Centre ready to waive off interest on interest.

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The Centre on Friday expressed before the Supreme Court that it is ready to waive “interest on interest” on loans up to Rs 2 crore during the six-month moratorium period in the wake of Covid crisis.

“This category of borrowers, in whose case the compound interest will be waived, would be MSME loans and personal loans up to Rs 2 crore of the following category—MSME loans, education loans, housing loans, consumer durable loans, credit card dues, auto loans, personal loans to professionals and consumptions loans,” a The Times of  India report quoted the Finance Ministry as stating before the apex court.

It may be noted that while the RBI had allowed borrowers to seek a six-month moratorium on all loans in view of the economic impact of the pandemic, banks and financial institutions are charging interest as well as the interest liability.

“Under pandemic conditions, the only solution is for the government to bear the burden of waiving of interest,” the Finance Ministry said in its affidavit before the Supreme Court.

Earlier the Centre and RBI had earlier argued against the relief on compound interest saying that it would ‘result in a very substantial financial burden on several categories of banks’.

The Supreme Court while asking the Centre to present ameliorators measures for the borrowers is slated to conduct hearing on the case on Monday.

Automobile

Car manufacturer Maruti Suzuki is giving heavy discounts on its automobiles: See here

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Maruti Suzuki is India’s largest carmaker. The brand sells the highest number of cars in the Indian market. Adding to the same point is the fact that the top five best selling cars last month were Maruti Suzuki vehicles. This though is no fail proof plan that each month the cars will continue selling no matter what. To this very effect, Maruti Suzuki dealerships are offering discounts on their cars. Each and every model in the Maruti Suzuki Arena dealership gets a discount. For example, the least priced offering from the manufacturer, the Maruti Suzuki Alto gets a cash discount of Rs 15,000 whereas if one were to exchange their old car then an additional Rs 15,000 off will be provided. On the Celerio X, a few dealers are willing to give up to Rs 10,000 cash discount whereas on the Celerio, the offer is for Rs 15,000. However the Rs 15,000 is only available as exchange bonus.

Also Read Maruti Suzuki S-Presso review

On the Maruti Suzuki S-Presso, the cash discount is for Rs 12,000 and on the WagonR, it is for Rs 10,000. It may be noted that the CNG versions of these cars do not come with any discounts. On the base Maruti Suzuki Swift Lxi version and the Lxi (O), customers will get up to Rs 30,000 discount. Those dealers who have the pre-facelift model are willing to add an additional Rs 5,000 as part of the discounts. If one opts for the Vxi and above trims of the new model, then Rs 10,000 cash discount is being given.

On the Maruti Suzuki Dzire, customers stand to get no discounts on the top trims. On the base versions, Rs 5,000 discount is being offered. Same is the case with the Maruti Vitara Brezza but here the higher variants get Rs 10,000 off. There are no discounts on the Maruti Suzuki Ertiga. Depending on the model, customers might end up getting exchange bonus varying from Rs 10,000-20,000. Add Rs 5,000 corporate discount to the mix as well.

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