What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. No. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? 6 months period / 184 days. Such borrowers are eligible for refund of differential interest from 1st March 2020 up to the date of ... Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? The Government has communicated the Scheme related to the grant of ex-gratia payment (compound interest -simple interest)borrowers in specified loan accounts from 1/03/2020, to 31/08/2020. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. HDB EMI Card ; Enterprise Business Loan ; Loan Against Securities ; Credit Card Balance Transfer ; Consumer Durables Loan ; Commercial Vehicle Loan ; Construction Equipment Loan ; Tractor Loan ; Life Insurance ; General Insurance ; Blogs; Investors; Customer Services. ... Credit card dues outstanding as on 29.02.2020 would be considered for giving relief to the What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 16. New Delhi: 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 Reserve Bank on Tuesday asked all lending institutions, including non-banking financial … ... the ex-gratia payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost the exchequer 7,500 crore. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 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. Select the Account number for which you want to redeem the points. 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). The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? 15. 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. Issuing additional frequently asked questions (FAQs) on the 'scheme for grant of ex-gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would be considered for giving relief to the borrowers. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. No. 16. About the Scheme: Ex-Gratia Payment . FAQs on Ex-Gratia Scheme announced by the Government of India . 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 1sr March 2020 to 31sr August 2020 to borrowers in specified loan accounts. The government is offering a refund on compound interest on personal and professional loan products for a six-month period during the COVID-19 lockdown. For example, the HDFC Bank Platinum plus Card has an interest-free Credit Period of 55 days. No. Click the Cards Tab in the upper row. Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme 30 Oct, 2020, 11.27 AM IST. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. Credit card interest waiver. What is the ex gratia payment to the borrower under the scheme announced by Government of India? The government directed the banks to convey that in view of the COVID-19 situation. e. Here are some FAQs that will help borrowers understand the details of the ex gratia payment they are eligible for. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. Will I be eligible for relief if my credit card balance is in “Credit” as of February 29, 2020? Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Also Read - UCO Bank Releases SO Admit Card 2020 at … The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months (from March 1 to August 30). 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