Frequently Asked Question About bounce Back Loan Scheme
The bounce Back Loan Scheme was introduced in the year 2020 for small businesses to cope with the pandemic. However, multiple businesses are facing issues with the repayment of the Bounce Back Loan . Here are the most common questions related to the bounce-back loan scheme? How long does a bounce-back loan last? Bounce Back Loan Last for nearly 6 years. However, the repayment can be made before the completion of the time as well without payment of the early repayment charges. There are No repayments due for the first 12 months and before you make your first payment you have the option of extending the term of your loan to 10 years. You can also move to interest-only repayments for six months. What is the interest rate in Bounce Back Loan Scheme? One need not pay any taxes for the first year of the six-year scheme. After the completion of the first year, an interest rate of 2.5% will be charged. This is considered to be very cheap compared to other personal loans. Will the ...