The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. in each of my loan account and credit card i have received around … The main features / highlights of the scheme are as under: 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. �� ����`#���`;ix(��|=3���z]=D���7M�`5�����8���g�,;J������� %�0mNp���n�8��O�D��/���$��@� N�Pi�4��y�A-D&5�H�_ �a�qwB��7͚� � Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. Ex-Gratia Payment Scheme. 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 (01-03-2020 to 31-08-2020) (the ‘Scheme’) on 23-10-2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest … What are the main features of the ex gratia to borrowers scheme? endobj Scheme for grant of Ex-gratia payment of difference between compound interest and simple interest for six months to borrower in specified loan accounts (01.03.2020 to 31.08.2020) (2.85 MB) FAQ on COVID-19 Ex-gratia to borrowers for difference in interest dated 26.10.2020. %���� stream The waiver scheme is made to reimburse the compound interest charged during the given period. The scheme mandates the ex-gratia payment to specific borrowers’ categories by crediting the difference between simple interest and compound interest between March 1, 2020, to August 31, 2020 , by the respective lending institutions. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. This will be irrespective of whether the borrowing person has partiallyavailed, fully availed or not availed the moratorium on repayment of loan. How can I flag my grievances related to the relief package. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. 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. 6 months period / 184 days. }�'�8�!\1NG9-�gX���� .��8��8�}nD��9n�F*��v"�M[$I��禽�t��P�Q�:�i2b�3�ӄ����$q��~?�ƛ�(�����t��qf��׍_n�>�����&nk���9@:�.�8��M�$�Y�_��2��e�eL�PPH�^�U4v �� =�|F�M ������M���N�L�l�����ҭ�����Нx���ID���,���%�J�\�7�����'�#L�����?~���`[�X!D����� 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). 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. People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. How will the interest be calculated for cash credit/ overdraft accounts? Ex-gratia will not be paid on those credit cards where balance is in “Credit” as on 29.02.2020. Yes. The relief will be credited into the accounts of all the entitled borrowers without any requirement to apply. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 2 0 obj Banks are paying credit card customers who had an outstanding bill amount as on 29 February Some diligent credit card customers were surprised at … The ex gratia relief will be credited to the account of all eligible borrowers by 5th November 2020 without any requirement to apply. 6 months period / 184 days. Non fund based limits will not be included for arriving at the eligibility. 16. Ex-Gratia Payment Scheme. "The scheme will be applied on 6 months period from 1st March 2020 to 31st August 2020. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme. 3 0 obj The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … Those borrowers who have loan accounts with sanctioned limits and outstanding amount of up to 2 crores as on 29th February 2020, shall be eligible under the Scheme. Does this Ex-gratia Scheme mean that no-interest will be charged by the banks for the period of Mar 1, 2020 till Aug 31, 2020 on eligible loan accounts? D��0�:Hu�Ip� �}�J�y cs���o��> The loan will entail only simple interest. The ... and whether ex-gratia on credit card will be available on outstanding as on that date or on the amount rolled over. The loan will entail only simple interest. The RBI has notified the Scheme for grant of ex-gratia fee of the distinction between compound interest and easy interest for six months ending August 31, 2020. Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. It will not be calculated based on the rate charged on revolving the credit card balances. EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. In respect of Housing loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements / documentation applicable as on 29th February 2020. Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. 5) Credit card dues 6) Automobile loans 7) Personal loan to professionals 8) Consumption loans Any borrower whose aggregate of all facilities with lending institutions is more than Rs. 1 0 obj For more details on the Scheme, please refer FAQs issued by the Government . 6 months period / 184 days. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.c. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? 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. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Main features of the ex gratia payment Scheme: ... Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. Therefore, there will be no 'interest on interest'. 1.3.2020 to 31.8.2020, to the eligible borrowers in specified loan accounts, click here 6 months period / 184 days. F. No.2/12/2020 – BOA.I dated 23rd October, 2020), for grant of ex-gratia payment of difference between compound interest and simple interest for six months i.e. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by … Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. 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. endobj People who have dues in credit cards are also entitled to claim this fund. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement 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). 6 months period / 184 days. No. The Ex-Gratia Scheme was established in recognition of the UK Government’s gratitude for the service of Afghan interpreters, rather than any risk they may face. For more details on the Scheme, please refer FAQs issued by the Government. 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 must be standard as of February 29, 2020. Photo: iStock Paid credit card bills on time? … %PDF-1.7 Yes. Whether “partly disbursed loans” are covered under the relief package? ��Sױ��S!-zB��� �4������. They are getting a message from the card issuing bank or institution these days that the money has been deposited in their account of the government’s EX Gratia Scheme. Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia money to … 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. Please note, Automobile Loans refers to all Vehicle Loans. No. • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. The waiver of compound interest on loans has aroused a lot of interest. Borrowers who have loan accounts with sanctioned limits and outstanding amount not exceeding Rs. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of the difference between compound interest … The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. While credit card dues come under the scheme, loans against fixed deposits and bonds are not eligible, the department has clarified. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. Ex-Gratia Scheme Payment of differential interest of 6 months To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced a "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts." ���Юu��;���|�8��/��':���m��������'�A�r�"{k��Q�S� ����/c5�ur1>T���C9�w0>LF�W�������P�p�_�"M��LJ���r�G��� ��2:;�.�_�;�A�o�0����[9o���M�ɧq�`K�\! Main features of the ex gratia payment Scheme: ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. 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). Are NPA accounts eligible for the relief package? 2 Cr. Yes. Here are the FAQs. 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. Ex-Gratia On Loan Moratorium Applicable For All. Loans for consumption purposes (e.g., social ceremonies, etc.) Mrchecker.net is free credit card checker. 1. The Ex-Gratia payment under this scheme shall be applicable if you fall under below categories: (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI ride its circular DOR. At the start of this month, some credit card providers … Loans for consumption purposes (e.g., social ceremonies, etc.) endobj The government on October 23 had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to … 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.d. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. Those who have not availed the moratorium scheme are also considerable under this scheme. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. Simple interest for the period will be calculated based on daily outstanding as at end of the day at rate of interest prevailing as on 29.02.2020. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? 2 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this scheme) Thus, in continuation to its affidavit in Hon’ble Supreme Court, the Centre Government in a festival gift to borrowers, the Finance Ministry has approved guidelines for a grant of scheme of Ex-Gratia Payment of the difference between Compound Interest and … 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 … 2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this scheme. BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020. The differential amount will be credited to the respective loan account(s). The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) (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 … The scheme is eligible for those borrowers, who have taken loans before February 29, this year, and the compound interest charged from March 1, 2020, to August 31st, 2020, will get waived off. The scheme 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. 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). New Delhi: The Reserve Bank of India (RBI) issued direction on Tuesday to all lending institutions to implement provisions of Scheme for grant of ex-gratia payment of difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug) and take necessary action within the stipulated time. The waiver scheme is made to reimburse the compound interest charged during the given period. 6 months period / 184 days. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement 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). No. Main features of the ex gratia payment Scheme: ... Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. x��\�S�H��NU�}���y��S�\0Y ��]m��ƨ�X�e���t��ȒFċ�l�[��{f�����::^�˻�v�}{t�^���i���u������Oż\�Z]=ݬ��O�b:[�{�?= ��� The package will be available for eligible borrowers irrespective of whether they have availed or partially availed or not availed the moratorium on repayment announced by RBI vide DOR. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced a "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts." Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? Individual banks / lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. They are getting a message from the card issuing bank or institution these days that the money has been deposited in their account of the government’s EX Gratia Scheme. 2/ 12/2020-BOAI, dated 23.102020 (vil) Personal loans to professionals (viil) Consumption loans Any borrower whose aggregate of all facilities with lending institutions is more than Rs. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. 2 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this scheme) If you … EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. Is the loan eligible for ex-gratia payment under the scheme? “This is a very straightforward scheme. 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.b. The main features / highlights of the scheme are as under:a. You may still get ex-gratia payment 3 min read. While making the calculation, any repayments from 01 March 2020 to 31 August 2020 are ignored. Ex-Gratia Payment Scheme. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme The scheme is eligible for those borrowers, who have taken loans before February 29, this year, and the compound interest charged from March 1, 2020, to August 31st, 2020, will get waived off. loan eligible for ex-gratia payment under the scheme? Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. People who have dues in credit cards are also entitled to claim this fund. Govt Giving Cashback To All Credit Card Users! What is the time-period for credit/payment of ex-gratia amount by the lender? No. Whether borrowers who have opted for deferment of Interest and Instalment under the RBI COVID 19 relief package earlier are eligible to avail the benefit under the above relief? 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