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. 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. 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. 2 Cr. 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. 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. While credit card dues come under the scheme, loans against fixed deposits and bonds are not eligible, the department has clarified. 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. Credit card dues Automobile loans Page 1 of 3 (b) DFS letter F. No. Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. 2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this 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 … 6 months period / 184 days. Scheme of ex gratia payment of difference between compound interest and simple interest..” Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specific loan accounts Format For Submission Of Information By Lending Institutions 2 cr. 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 … Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. The waiver scheme is made to reimburse the compound interest charged during the given period. endobj No. The Reserve Bank of India had announced a moratorium for 6 months from March 1 to August 31 following the outbreak of COVID-19. Who will finalise the list of eligible accounts? 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. Please note, Automobile Loans refers to all Vehicle Loans. Loans for consumption purposes (e.g., social ceremonies, etc.) 2 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this scheme) What is the time-period for credit/payment of ex-gratia amount by the lender? 1 0 obj 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. 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 government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … Ex-gratia will not be paid on those credit cards where balance is in “Credit” as on 29.02.2020. 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. “This is a very straightforward scheme. 6 months period / 184 days. At the start of this month, some credit card providers … What are the main features of the ex gratia to borrowers scheme? As per the notified scheme, all the lending institutions will credit the difference amount of compound interest and simple interest to the eligible borrowers in their respective loan accounts for the specified period. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. Banks are paying credit card customers who had an outstanding bill amount as on 29 February Some diligent credit card customers were surprised at … 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). Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? ��Sױ��S!-zB��� �4������. 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. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? You may still get ex-gratia payment 3 min read. Mrchecker.net is free credit card checker. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Tractor loans are excluded from this ex-gratia scheme. Is the loan eligible for ex-gratia payment under the scheme? %PDF-1.7 Photo: iStock Paid credit card bills on time? Which Rate of Interest (%) shall be considered for calculating the package, i.e. No. Whether “partly disbursed loans” are covered under the relief package? What are the eligibility criteria of the ex gratia scheme? BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. 16. Yes. By Raj Khosla. Photo: iStock Paid credit card bills on time? COVID-19 EX GRATIA SCHEME. For more details on the Scheme, please refer FAQs issued by the Government. If you … The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29 th February 2020. The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … Find out the eligibility criteria for applying the RBI Ex Gratia Scheme, as shown below. 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. • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Therefore, there will be no 'interest on interest'. 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. • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. endobj The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. 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. Ex-Gratia On Loan Moratorium Applicable For All. Loans for consumption purposes (e.g., social ceremonies, etc.) What will be the treatment of penal interest/ penalties while arriving at the rate of interest? EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. 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). 2 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this 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 … What is the ex gratia payment to the borrower under the scheme announced by GoI? Borrowers who have loan accounts with sanctioned limits and outstanding amount not exceeding Rs. No. x��\�S�H��NU�}���y��S�\0Y ��]m��ƨ�X�e���t��ȒFċ�l�[��{f�����::^�˻�v�}{t�^���i���u������Oż\�Z]=ݬ��O�b:[�{�?= ��� d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. 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 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. 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. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? ����p��J�9���u�蝂k\S�: Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. 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. You may still get ex-gratia payment 3 min read. Ex-Gratia Payment Scheme. 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. 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. Are NPA accounts eligible for the relief package? The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 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. Individual banks / lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. 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 loan will entail only simple interest. 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). RBI Ex Gratia Payment Scheme (Loan) This article explains the Online procedure to apply for the RBI Ex Gratia Scheme, Eligibility, Date, and Interest Calculation on the official website. 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. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? D��0�:Hu�Ip� �}�J�y cs���o��> How will the interest be calculated for cash credit/ overdraft accounts? People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. An ex-gratia payment will be credited to their loan accounts. 6 months period / 184 days. No. 12. 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. Govt Giving Cashback To All Credit Card Users! 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." No. <> 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. For more details on the Scheme, please refer FAQs issued by the Government. Therefore, there will be no 'interest on interest'. R�+�&Y�3�^�| 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. Paid credit card dues, Automobile loans refers to all Vehicle loans to claim this fund purposes e.g.... Are also considerable under this scheme for calculating the differential interest amount GoI guidelines borrowers scheme d. the period for... 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