What is the ex gratia payment to the borrower under the scheme announced by GoI? 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. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. 2. The loan should not be a “Non-Performing Asset (NPA)” as on 29.02.2020. 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. The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial … This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). 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. All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline. 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. COVID-19 EX GRATIA SCHEME. 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. 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. This moratorium facility is only applicable for EMIs due between March 01, 2020 and August 31, 2020. 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. While our call center remains operational, customers might encounter longer wait times, as they are operating at a reduced capacity to accommodate work-from-home policy. A Non-Banking Financial Company— Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. -- 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. You may still get ex-gratia payment 3 min read. The adjustment is subject to claim received from the Govt. BP.BC. We have credited an amount of Rs. Object of the scheme . (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). Ensure timely payments of EMIs through digital channels – We urge our customers to remain disciplined towards their EMI re-payments. MUMBAI: In the next few days, banks will credit lakhs of loan accounts with an ex-gratia payment equal to the interest on interest amount they have paid during the lockdown. 16. Ex-Gratia On Loan Moratorium Applicable For All. 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. COVID-19 Ex Gratia Interest Relief ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professional loans. 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. 6 months period / 184 days. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. All Banking Companies, Urban Co-operative Banks, and Non-Banking Financial Companies (NBFCs) registered with RBI [through RBI], 5. Eligible accounts foreclosed during the said period are covered under the scheme. 2. 10118.00 to your Card Account XXXX3002 on 05-Nov-20 in accordance with Govt. 4. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto ... No. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. 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. 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). Settled amount in case of credit card dues is the amount outstanding against the actual transactions. 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. 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. 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. Grant of Ex-gratia Scheme to borrowers. Yes. 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). Q11. 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. Such borrowers are eligible for refund of differential interest from 1st March 2020 up to the date of ... No. 6 months period / 184 days. 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)”. All India Financial Institutions (AIFIs), 4. 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. of India’s grant of ex-gratia payment of difference between compound and simple interest for 6 months. The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial … grant of ex-gratia payment of difference between compound interest and simple interest 1. 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. No. In respect of Education loans, Housing loans, Automobile loans, Personal loans to professionals and Consumption 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. for consumer durable 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. 7. 3. How will I get to know the benefit amount and if I have got the benefit under the scheme or not? Lending institutions can lodge their claim for reimbursement latest by 15th December 2020 only after crediting amounts as aforesaid. No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020. The ex-gratia amount is treated as income and taxed at the normal slab rate. 3 Do I have to apply for the relief? Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. 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. 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 up to INR 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 01-03-2020 to 31-08-2020 (6 months / 184 days). This facility has been especially designed for those customers whose cash flows have been severely affected and they do not have sufficient savings or other income sources which they could use for paying their EMIs. 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. However, will be subject to the finalization & processing of Refund by the SBI/Government of India/Regulators. Govt Giving Cashback To All Credit Card Users! Issues and concerns relating to claims submitted by the lending institutions shall be handled through the designated cell at SBI in consultation with Government of India. No. The differential amount will be credited to the respective loan account(s). Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme. 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. Further, for the purpose of claiming of reimbursement by respective lending institutions, calculation of the reimbursable ex-gratia amount shall be as detailed in clauses 8 and 9 hereof. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. One Lakhs Only). Will I be eligible for relief if my credit card 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 … To apply for moratorium, please send us a request from your Registered Email Address, along with your Loan Account Number and Registered Mobile Number. In case of any issues/queries relating to interpretation of this scheme, the decision of Government of India shall be final. No. 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. Post which we shall initiate the moratorium for unpaid EMI of March 2020 (if any), and for EMI of April and May 2020. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 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. 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. (1) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. 1. 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. 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. 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. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 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. You may not get income tax refund; ... Education loans 3. 47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. 6 months period / 184 days. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Construction/ Healthcare/ Education Finance. The main features / highlights of the scheme are as under: No. 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. 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. 6 months period / 184 days. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. 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. 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. 6. Loans for consumption purposes (e.g., social ceremonies, etc.) 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. 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). 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. No. # Do I need to place a request to get the Ex-Gratia Interest refund? 5. 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. 2/12/2020-BOA.I, Ministry of Finance, Department of Financial Services. 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. Q2: Who is eligible for the Ex-Gratia Payment? 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. 15. are not eligible for coverage under the scheme. 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. 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. 16. 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. 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. 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. 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. 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 period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 2. Simple interest for the period will be calculated on daily product basis (i.e., on the daily outstanding as at end of the day) at the rate of interest as on 29.2.2020. Yes. Yes. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. But the money received depends on the outstanding balance and interest rates. No. 2 Cr as on 29th Feb 2020. For eligible loans, the rate of interest considered for the calculation will be the contracted rate / interest rate prevailing as on 29.02.2020. No. The Government of India has announced a scheme for grant of ex-gratia payment. Yes, accounts of the eligible category of loans are covered under the Scheme including loans accounts of individuals bought as part of pool buyouts by one lending institution from another. (b) The aforesaid eligibility shall be subject to the following further conditions and stipulations: 3. Operational guidelines for the scheme are attached. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered 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. A borrower does not have to fill up any form or submit any proof. 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 … The amount of money received depends on the outstanding balance and the interest rates. Non fund based limits will not be included for arriving at the eligibility. COVID-19 Ex-Gratia to Borrowers for ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. 16. No. 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. +-No. 15. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. 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. Housing loans 4. 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: 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 reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. 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. 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. Do I have to apply for the relief? Tractor loans are excluded from this ex-gratia scheme. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. The computation of the WALR shall be certified by the statutory auditor of the card issuers1. 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. 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 details of the Scheme are available at: FINANCIALSERVICES_PORTAL. Education loans, Housing loans, Automobile loans, Personal loans to professionals, Consumption 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 this respect. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. 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). We are confident that with a little faith and discipline we shall soon see this situation through and normal business operations shall resume. Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. The amount credited to the accounts of borrowers will be reimbursed by the government. While making the calculation repayments in the loan account during the period to be reckoned will be ignored. As there is no TDS, the individual will have to pay the tax. The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium . 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. Finalise the list of eligible borrower for the relief based on the GoI guidelines considered for the?! For grant of ex-gratia payment for grant of ex-gratia payment under this scheme as,... Making the calculation repayments in the accounts of borrowers will be eligible for the will. Statements etc at Others Institution should be a “ Non-Performing Asset ( NPA ) ” as on?. 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