Please note, Automobile Loans refers to all Vehicle Loans. settled amount) in the account as on 29.02.2020 will be the reference amount. Each of the lending institutions referred in clause 3 above shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of issuance of these scheme guidelines, at appropriate level(s). Also Read - UCO Bank Releases SO Admit Card 2020 at … 6. Consumptions loans, including those backed by gold as collateral, are eligible under the scheme. 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. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. The borrowers shall register his/her grievance through the link available in the lending institutions’ official site or visit the home branch and submit his / her grievance. are not eligible for coverage under the scheme. Settled amount in case of credit card dues is the amount outstanding against the actual transactions. The differential amount will be credited to the respective loan account(s). 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. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. No. Given the 21 day nation-wide lockdown announced by the honorable Prime Minister of India on March 24, 2020, we have put in place various initiatives to ensure that there is zero disruption in critical operational processes. 2 Cr. During this challenging time, we have taken several measures to ensure safety of our employees, this includes providing work from home option for all our workforce and keeping a regular check on their and their family’s well-being. Govt Giving Cashback To All Credit Card Users! This will make the approach 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. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. However, will be subject to the finalization & processing of Refund by the SBI/Government of India/Regulators. No. No. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. 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. Yes, provided the sanctioned amount and outstanding amount (aggregated for all lending institutions excluding amount of guarantee) does not exceed Rs. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 5. 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. A Non-Banking Financial Company— Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. No. Yes. 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. Upon credit of the differential amount to the respective loan account(s), Hero Fincorp will notify the same to you vide an SMS to your registered mobile number. The period to be reckoned for crediting of difference between compound interest and simple interest by the lending institutions mentioned in paragraph 2(b)(ii) above to eligible borrowers as per paragraph 2 above would be from 1.3.2020 to 31.8.2020 (six months / 184 days). Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. BP.BC.47/ 21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. Ex gratia credit on home loans, credit card statements etc at Others. The ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower in sub-clause (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI vide its circular DOR.No. 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. Post which we shall initiate the moratorium for unpaid EMI of March 2020 (if any), and for EMI of April and May 2020. Do I have to apply for the relief? 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. 6 months period / 184 days. Will I also be eligible for Ex-Gratia interest refund? We have shut–down our offices and introduced alternate ways of working through Digital modes to ensure safety and business continuity. Moreover, the RBI has issued a letter to all the banks and … No. No. (2) The aforesaid eligibility shall be subject to the following further conditions and stipulations: The period to be reckoned for crediting of difference between compound interest and simple interest by the lending institutions mentioned in clause 3 above to eligible borrowers as per clause 4 above would be from 1.3.2020 to 31.8.2020 (six months / 184 days). 10118.00 to your Card Account XXXX3002 on 05-Nov-20 in accordance with Govt. COVID-19 EX GRATIA SCHEME. Yes. 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! Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. COVID-19 Ex-Gratia to Borrowers for ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. 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. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. 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. No. 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. In case of any issues/queries relating to interpretation of this scheme, the decision of Government of India shall be final. of India’s grant of ex-gratia payment of difference between compound and simple interest for 6 months. Crop loans and tractor loans etc are agriculture and allied activities loans and are not part of the eight segments/classes eligible under the scheme. 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.) The rate of interest would be as prevailing on 29th February 2020, i.e., in case the rate of interest has changed thereafter, it shall not be reckoned for the purposes of this computation. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. Such borrowers are eligible for refund of differential interest from 1st March 2020 ... No. The lending … 2. 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. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? BP.BC.47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. Yes. 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. 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: Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the Govt. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). After the exercise mentioned in paragraph 5 above has been completed, lending institutions can lodge their claim for reimbursement latest by 15.12.2020. No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020. Yes. SBI is advised to appropriately equip its designated officer(s) / cell for processing such claims in a timely manner, and to notify details of the same on its website. MSME 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 in respect of the term loan. 2. The amount of money received depends on the outstanding balance and the interest rates. (Prakash Baliarsingh)Chief General Manager, Issued vide letter F. No. Q11. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. In case of any issues/queries relating to interpretation of this scheme, the decision of Government of India shall be final. This moratorium facility is only applicable for EMIs due between March 01, 2020 and August 31, 2020. 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. 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. Account should be standard as on 29th February 2020, i.e., loan should not be a Non-Performing Asset (NPA) as on 29th February 2020. 2 crone (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this scheme. No. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. 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. 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. 15. Housing loans 4. Yes. In respect of Cash Credit/ Overdraft, the rate of interest for the purpose of calculating the differential shall be the rate of interest prevailing as on 29.02.2020. d. Credit Cards 1. Yes, you will be eligible for the scheme. EMIs / over dues prior to March 01, 2020 are not eligible for moratorium. No. While making the calculation repayments in the loan account during the period to be reckoned will be ignored. A: The bank/ lending institution will credit to the borrower’s loan account the amount equal to the difference over simple and compounded interest for the Six Months period (01.01.2020 to 31.08.2020) or till the date of loan closure. 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. (1) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. 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. Q2: Who is eligible for the Ex-Gratia Payment? Tractor loans are excluded from this ex-gratia scheme. 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. Such borrowers are eligible for refund of differential interest from 1st March 2020 up to the date of ... No. 15. But the money received depends on the outstanding balance and interest rates. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. Grant of Ex-gratia Scheme to borrowers. 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 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. Claim should be pre-audited by the statutory auditor of the lending institutions and a certificate in this regard shall be attached to the claim. 6 months period / 184 days. One Lakhs Only). 2/12/2020-BOA.I, Ministry of Finance, Department of Financial Services. 3. 6 months period / 184 days. A borrower does not have to fill up any form or submit any proof. Eligibility: The Credit Card outstanding (i.e. Illustration: The outstanding amount in a specified loan account as on 29.02.2020 is Rs. At the start of this month, some credit card providers … A Non-Banking Financial Company—Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. 3rd floor, Jeevan Deep Building, Sansad Marg, New Delhi – 110 001, 2. # Do I need to place a request to get the Ex-Gratia Interest refund? How will I get to know the benefit amount and if I have got the benefit under the scheme or not? d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 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. 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. 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 Government of India has announced a scheme for grant of ex-gratia payment. What is the ex gratia payment to the borrower under the scheme announced by ... Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. Such payment does not constitute a contractual, legal or equitable liability of the Central Government and is only an ex-gratia payment to the following designated class of borrowers in view of the COVID-19 pandemic. 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. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. To raise a request, click here and follow the below path : Reach Us > Customer Care > Raise a Service Request. 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. Eligibility: The Credit Card outstanding (i.e. In light of the recent nationwide lockdown, we at Hero FinCorp are providing a three months moratorium to our loan customers as per eligibility and guidelines issued by RBI. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. Hero Fincorp Ltd. will provide ex gratia payment to the customers account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. The ex-gratia amount is treated as income and taxed at the normal slab rate. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. The ex-gratia payment will be credited to loan accounts by November 5. No. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. 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). The question was raised when the Solicitor General told the court that credit card users would also receive ex-gratia payments. The ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower in sub-clause (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI vide its circular DOR. The finance ministry had clarified that loans upto Rs 2 crore under specified categories are eligible for the ex gratia payment of differential 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. It will be credited to your savings/ current 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. Grant of Ex-gratia Scheme to borrowers. +-No. 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. Each lending institution shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of issuance of these scheme guidelines, at appropriate level(s). 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. In the wake of the Corona virus (COVID-19) outbreak, we are strictly adhering to guidelines from the government and other concerned authorities, in order to contain the spread of the virus and minimize impact on business. SBI shall evaluate the claims to ensure that they are in conformity with this scheme’s guidelines, and shall furnish to the Central Government statements of claims found eligible and claims settled. The main features / highlights of the scheme are as under: No. To apply for moratorium, please send us a request from your Registered Email Address, along with your Loan Account Number and Registered Mobile Number. 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. 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 aforesaid exercise of crediting the amount as stated above in the respective accounts of the eligible borrowers described in paragraph 2 above by the respective lending institution shall be completed on or before 5.11.2020. As there is no TDS, the individual will have to pay the tax. 6 months period / 184 days. 16. 47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. For illustration: Authorisation amount locked at the time of hotel check-in (which is released at the time of check-out) would not be considered as part of the settled amount for calculation of credit card dues. The details of the Scheme are available at: FINANCIALSERVICES_PORTAL. We urge customers to use this option only if absolutely necessary. Penal interest or penalty for late payment would not be reckoned as part of the contracted rate or WALR. 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. People who have dues in credit cards are also entitled to claim this fund. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. 2 Cr as on 29th Feb 2020. Photo: iStock Paid credit card bills on time? EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. 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. guidelines. Yes. settled amount) in the account as on 29.02.2020 will be the reference amount. We are also working with our vendors and partners to ensure compliant and robust BCP plans are operationalized at their end as well. The adjustment is subject to claim received from the Govt. 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