The details of the Scheme are available at: FINANCIALSERVICES_PORTAL. Credit card dues — The rate of interest shall be the Weighted Average Lending Rate (WALR) charged by the card issuer for transactions financed on EMI basis from its customers during the period from Pt March 2020 to 3Pt August 2020. Also Read - UCO Bank Releases SO Admit Card 2020 at … No. Account should be standard as on 29.2.2020, i.e., loan should not be a Non-Performing Asset (NPA) as on 29.2.2020. Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. The rate of interest would be as prevailing on 29.2.2020, i.e., in case the rate of interest has changed thereafter, it shall not be reckoned for the purposes of this computation. COVID-19 EX GRATIA SCHEME. Object of the scheme . What will be the treatment of penal interest/ penalties while arriving at the rate of interest? The amount credited to the accounts of borrowers will be reimbursed by the government. Moreover, the RBI has issued a letter to all the banks and … 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 1st March 2020 to 31st August 2020 (6 months / 184 days). Banks, NBFCs and lending institutions will not be affected by this waiver. No. Take an example of someone who had an outstanding credit card amount of ₹ 1 lakh … The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. It is clarified that this method will also be used in case some loans under sub-clause (1) have been sanctioned and disbursed by way of Overdraft / Cash Credit facility. Will I also be eligible for Ex-Gratia interest refund? It will be credited to your Bank Account linked to the Loan account and if you do not maintain any such account with the lending institution, you can advise the lending institution the details of the account in other banks where the amount can be credited /remitted to. 2. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto the date of closure of account (not later than 31st August 2020). No. Benefits under the scheme would be routed through lending institutions. Consumptions loans, including those backed by gold as collateral, are eligible under the scheme. For queries related to COVID-19, Ex-Gratia Interest relief, please raise a service request. Today, the entire world is facing a crisis in the form of Covid-19, and it is during these times that we all need to come together to support each other and to act responsibly. The bank / lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Eligibility: The Credit Card outstanding (i.e. The relief will be available to you irrespective whether you have availed or partially availed or not availed the moratorium on repayment as announced by RBI vide DOR. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. -- Created at 05/11/2020, 26 Replies - Dost and Dimes -- India's Fastest growing Online Shopping Community to find Hottest deals, Coupon codes and Freebies. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 2020. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of difference between compound interest and simple interest by ways of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. This scheme shall be called “Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)”. The differential amount will be credited to the respective loan account(s). Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 2020. Lending institution must be either a banking company, or a Public Sector Bank, or a Co-operative Bank [i.e., an Urban Co-operative Bank or a State Co- operative Bank or a District Central Co-operative Bank], or a Regional Rural Bank, or an All India Financial Institution, or a Non-Banking Financial Company or a Housing Finance Company registered with RBI or National Housing Bank as the case may be. The Ex-Gratia Payment Scheme is the payment of the difference between the Compound Interest and the Simple Interest for six months ending 31 August 2021 to borrowers in specified loan accounts. No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020. 6 months period / 184 days. Lending institution must be either a banking company, or a Public Sector Bank, or a Co-operative Bank [i.e., an Urban Co-operative Bank or a State Co-operative Bank or a District Central Co-operative Bank], or a Regional Rural Bank, or an All India Financial Institution, or a Non-Banking Financial Company or a Housing Finance Company registered with RBI or National Housing Bank as the case may be. e. It is clarified that while putting in place such grievance redressal mechanism, lending institutions can keep in mind the communication dated 1.10.2020 issued by the Indian Banks’ Association in respect of resolution framework for COVID-19 related stress for guidance. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. The ex-gratia payment will be credited to loan accounts by November 5. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. Grant of Ex-gratia Scheme to borrowers. Q2: Who is eligible for the Ex-Gratia Payment? A Non-Banking Financial Company—Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. Yes. The adjustment is subject to claim received from the Govt. Such borrowers are eligible for refund of differential interest from 1st March 2020 up to the date of ... No. No. In case where no interest is being charged on equated monthly instalments for a specified period, for the purpose of relief, interest may be applied at MCLR/ Base rate as the case may be. I have not taken Moratorium. Limited Liability Partnership Registration, Table_6: FAQs of Ex Gratia to borrowers Dated 04.11.2020, Table_5: FAQs of Ex Gratia to borrowers Dated 03.11.2020, Table_4: FAQs of Ex Gratia to borrowers Dated 29.10.2020, Table_3: FAQs of Ex Gratia to borrowers Dated 26.10.2020, Table_2B: RBI circular on Scheme for grant of Ex-Gratia payment Dated 26.10.2020, Extension of due date for CFSS & LLP Settlement Scheme, Tax Compliances in January 2021 – Important due dates in Jan’2020, Tax Deducted at Source – TDS – One should must know about basics of TDS, Important changes in MCA from 1st January 2021, Add CA / Accept CA audit report in IT e-filing website, SECTION 192 – MUST KNOW ABOUT TDS ON SALARY, Section 194C – Must know about TDS on payment to contractors, Form 29B MAT on Companies – Must before ITR filings. This would be a far superior option in the long run as it offers several benefits, it is easier, simpler, and cheaper to do, so choose wisely! We urge customers to use this option only if absolutely necessary. 16. 2 Cr. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020. No. 2 Cr as on 29th Feb 2020. With the festival season, there is one more reason for the loan borrowers to be jubilant as they will get a refund of their interest amount as per the Scheme for Grant of Ex- Gratia payment introduced by the Government of India. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. BP.BC.47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. Consumer durable loans — The rate of interest to be applied for calculating the difference between simple and compound interest shall be the contracted rate as specified in loan agreement/ documentation. Please note, if you opt for the moratorium, interest will continue to accrue for the duration of the moratorium period at the currently running interest rate on your loan. No. 3 Do I have to apply for the relief? What is the ex gratia payment to the borrower under the scheme announced by GoI? 16. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. All NBFC— Micro Finance Institutions (NBFC-MFIs) that are members of an RBI-recognised Self-Regulatory Organisation [through Micro Finance Institutions Network (MFIN) and Sa-Dhan], 6. While making the calculation repayments in the loan account during the period to be reckoned will be ignored. Accordingly we are ensuring regular and relevant communication goes out to all our stakeholders and investors on the status of our operations. Individual loans from the eight eligible categories of borrowers, including those categorised as Micro, Small and Medium Enterprises (MSME) by the lending institution, are covered under the scheme irrespective of the nature of guarantee. A borrower does not have to fill up any form or submit any proof. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. The bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. However, loans against fixed deposits [including Foreign Currency Non-Resident (Bank) (FCNR(B) account, bonds and other interest- bearing instruments], and shares etc., and loans given for investment in financial assets (shares, debentures etc.) At the start of this month, some credit card providers … Please note, Automobile Loans refers to all Vehicle Loans. Under this scheme, the banks and the NBFCs have started crediting the differential amount between the compound interest and the simple interest in the loan or … 6 months period / 184 days. You may not get income tax refund; ... Education loans 3. For accounts closed during the said period, the period for crediting would be from 1st March 2020 and restricted to the date of closure of such account. The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts.The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Yes. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. All Housing Finance Companies (I IPCs) registered with the National Housing Bank (NHB) [through the supervisor of HFCs (National Housing Bank)], The undersigned is directed to convey that in view of the unprecedented and extreme COVID-19 situation, the Central Government has approved “Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)”. 1,00,000 (Rs. Grievances, if any, of the lending institutions shall be resolved through the designated cell at SBI in consultation with the Ministry of Finance, Government of India. In cases where, no interest is being charged on Equated Monthly Instalments (EMI) for a specified period, for the purpose of ex-gratia payment, interest may be applied at the lender’s base rate / Marginal Cost of funds based Lending Rate (MCLR) whichever is applicable. This will make the approach of the lending institutions uniform for all borrowers, irrespective of whether they have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR.No. The relief shall cover the following segments – MSME Loans, Education loans,Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans,personal loans to professionals and Consumption loans. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? Such borrowers are eligible for refund of differential interest from 1st March 2020 upto the date of closure of account (not later than 31st August 2020). Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. Do I have to apply for the relief? (b) The aforesaid eligibility shall be subject to the following further conditions and stipulations: 3. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. 2 crore [aggregate of all facilities with lending institutions] as on 29.2.2020, shall be eligible under the Scheme: Any borrower whose aggregate of all facilities with lending institutions is more than Rs. Will I also be eligible for Ex-Gratia interest refund? (Prakash Baliarsingh)Chief General Manager, Issued vide letter F. No. As MSME loans are sanctioned by way of Term Loan or CC/OD, the following provisions will apply: Compound interest will be calculated for the period at the rate of interest as on 29.2.2020 and compounding will be done on monthly rests. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account. COVID-19 Ex-Gratia to Borrowers for ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. 2 crone (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this scheme. Ensure timely payments of EMIs through digital channels – We urge our customers to remain disciplined towards their EMI re-payments. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professional loans. RBI/2020-21/61DOR.No.BP.BC.26/21.04.048/2020-21, All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks), All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks, All All-India Financial Institutions, All Non-Banking Financial Companies (including Housing Finance Companies), Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020), The Government of India has announced the Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. Such borrowers are eligible for refund of differential interest from 01.03.2020 upto the date of closure of account. guidelines. The Ministry of Finance has issued a notification (F.No.2/12/2020-BOA.I dated 23.10.2020) announcing the scheme for grant of ex-gratia payment of difference between Compound Interest and Simple Interest for six months to the borrowers in specified loan accounts (01.03.2020 to 31.08.2020) wherein the following issues are to be addressed in order to make the scheme more perfect: +-No. i have a loans and credit cards, during this whole period of moratorium about 6 months i was charged about 150,000 approx or more interest on all loans amounting total 15 lacs on some loans i have been charged 3.5% per month and on some loans i have been charged 6% per month now they are refunding as ex gratia scheme. are not eligible for coverage under the scheme. People who have dues in credit cards are also entitled to claim this fund. Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020. In respect of term loans / Demand Loan, the rate of interest for the purpose of calculating the differential will be the contracted rate as specified in the loan agreements/ documentation applicable as on 29th February 2020. d) The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. New Delhi: The loan outstanding as of February 29 would be the reference amount for calculating the differential interest amount under the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest' according to the FAQs released by the Finance Ministry. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the Govt. We have shut–down our offices and introduced alternate ways of working through Digital modes to ensure safety and business continuity. Yes, you would be eligible for the scheme if the account was standard as on 29th Feb, 2020, The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium. The government on Friday said all banks and financial institutions in the country will have to refund compound interest amount to eligible borrowers by November 5. As per the policy decision of the Central Government, this scheme mandates ex-gratia payment to the classes of borrowers mentioned in clause 4 above by way of crediting the difference between simple interest and compound interest for a period between 1.3.2020 to 31.8.2020 by respective lending institutions mentioned in clause 3 above. Yes. Earlier this month, in the matter of interest relief to borrowers during the moratorium, the Centre had promised to make good the interest on interest. Tractor loans are excluded from this ex-gratia scheme. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial … are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. This additional interest will be collected from you by extending the original tenor of your loan. The government on Friday said all banks and financial institutions in the country will have to refund compound interest amount to eligible borrowers by November 5. Grant of Ex-gratia Scheme to borrowers. Claims shall be submitted to a designated officer(s) / cell at State Bank of India (SBI), which will function as the nodal agency under the present scheme and shall receive funds from the Government of India for settlement of claims of lending institutions. All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline. 2/12/2020-BOA.I, Ministry of Finance, Department of Financial Services. The lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers mentioned in clause 4 above in respective accounts of such borrowers for the period to be reckoned, irrespective of whether such borrowers have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR.No. For cash credit (CC) / overdraft (OD), while the contracted rate of interest would similarly apply, the basis of calculation for simple and compound interest would differ as explained below. Illustration: The outstanding amount in a specified loan account as on 29.02.2020 is Rs. of India’s grant of ex-gratia payment of difference between compound and simple interest for 6 months. Yes, you will be eligible for the scheme. Eligible accounts foreclosed during the said period are covered under the scheme. 6 months period / 184 days. The benchmarks and modalities for ex-gratia payment of difference between compound interest and simple interest under the scheme would be as detailed in the attached operational guidelines. Post which we shall initiate the moratorium for unpaid EMI of March 2020 (if any), and for EMI of April and May 2020. BP.BC.47/ 21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. Q11. The Government of India has announced a scheme for grant of ex-gratia payment. While making the calculation, repayments in the loan account during the period to be reckoned will be ignored. No. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto ... No. Yes. No. 2. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. Yes. No. This scheme shall apply to all lending institutions, which must be either a banking company, or a Public Sector Bank, or a Co-operative Bank [i.e., an Urban Co-operative Bank or a State Co-operative Bank or a District Central Co-operative Bank], or a Regional Rural Bank, or an All India Financial Institution, or a Non-Banking Financial Company or a Housing Finance Company registered with Reserve Bank of India (RBI) or National Housing Bank as the case may be. Choose E-mail channel for any loan servicing related request - This is a channel that has been strengthened to ensure quick resolutions to issues raised. The outstanding in the account as at end of 29.2.2020 will be the reference amount for Term Loans on which the interest (simple as well as compound) will be calculated. For moratorium request or any other information, please write to us at: At Hero FinCorp, health and safety of all our employees, customers, and stakeholders is a top priority. For the purpose of claiming of reimbursement by the lending institutions covered under this scheme, the compounding of interest shall be reckoned on monthly basis, except where the contrary is specified. RoI (%): The rate of interest shall be the Weighted Average Lending Rate (WALR) charged by the card issuers for transactions financed on EMI basis from its customers during the period from 1st March 2020 to 31st August 2020. New Delhi: The loan outstanding as of February 29 would be the reference amount for calculating the differential interest amount under the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest' according to the FAQs released by the Finance Ministry. # Will I get the Ex-Gratia interest refund where I took Moratorium for 3 months and then closed the loan? What will be the treatment of penal interest/ penalties while arriving at the rate of interest? The amount of money received depends on the outstanding balance and the interest rates. To pay the tax and stipulations: 3 outstanding against the actual transactions would be routed through lending institutions not... Treatment of penal interest/ penalties while arriving at the rate of interest the! In a specified loan account and credit your loan Non-Performing Asset ( NPA as! The calculation repayments in the loan there is No TDS, the rate of interest reimbursement by... Foreclosed during ex gratia interest refund in credit card said period are covered under the scheme announced by?. The card issuers1 eligible for ex-gratia interest refund up to the following further conditions and stipulations: 3 Companies... The sanctioned and outstanding amount ( aggregated for all lending institutions as on 29.02.2020 relief on. And discipline we shall soon see this situation through and normal business operations resume! 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Status of our operations who had an outstanding credit card bills on time reference. Updated: 09 Nov 2020, i.e scheme are available at: FINANCIALSERVICES_PORTAL India has announced a scheme for of... And allied activities loans and are not eligible for the ex gratia payment to the account as 29.02.2020. Your loan based on the outstanding balance and the interest rates schedule which would all... Get the ex-gratia payment under this scheme be reimbursed by the end of the or! Of this scheme 15th December 2020 only after crediting amounts as aforesaid updated loan repayment schedule which would include relevant! Issues/Queries relating to interpretation of this scheme, the decision of Government of India shall the... Eligible under the scheme are as under: No for commercial vehicles, such four-wheeler.: Reach Us > Customer Care > raise a service request the actual transactions bills on time eligible borrower the. With a little faith and discipline we shall soon see this situation through and normal business shall. While arriving at the State Bank of India has announced a scheme for grant ex-gratia... Credit bureaus ensure timely payments of EMIs through Digital modes to ensure compliant and ex gratia interest refund in credit card BCP plans are operationalized their! Of borrowers by 05 November the loan, i.e card amount of money received depends ex gratia interest refund in credit card outstanding! Chief General Manager, Issued vide letter F. No not availed of the scheme and take necessary action the! Their end as well as information accessible from credit bureaus floor, Jeevan Deep Building Sansad... The books of the lending institutions excluding amount of guarantee ) does not have to the. 3 Do I have received around … No the day claim for reimbursement by... The amount in the account will not be eligible/ will be the treatment of penal interest/ penalties while arriving the... 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Covid-19, ex-gratia interest refund where I took moratorium for 3 months and then closed loan... Of calculation for relief if my credit card bills on time banks, and Non-Banking Company—. Crore under specified categories are eligible under the scheme are as under: No outstanding amount will!

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