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. Scheme for grant of ex-gratia payment of interest differentials for six months. Here are the basic criteria to qualify for the waiver under this scheme. Is the loan eligible for ex-gratia payment under the scheme? Submitted by admin on Tue, 10/27/2020 - 19:25. The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for period upto six months to eligible borrowers in specified loan accounts (1.3.2020 to 31.8.2020). However, the loan will entail the simple interest charged during this period. Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. The account should be classified as “Standard” as on Feb 29, 2020. What is the ex gratia payment to the borrower under the scheme announced by Government of India? What is the ex gratia payment to the borrower under the scheme announced by Government of India (GOI)? Everything About the Ex-gratia Relief Provided by the Government of India. Everything About the Ex-gratia Relief Provided by the Government … Loans for consumption purposes (e.g., social ceremonies, etc.) 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. The Government of India has announced a scheme for grant of ex-gratia payment. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Scheme for Grant of Ex-gratia Payment. Yes. FAQs for scheme of Ex gratia payment to borrowers for difference in interest. Grant of Ex-gratia Scheme to borrowers. 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). The government directed the banks to convey that in view of the COVID-19 situation. Q1. The bank/ lending institution will provide ex gratia payment to the eligible borrower’s loan account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. 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. Who is Eligible for the Ex-gratia Payment Scheme? About the Scheme: Ex-Gratia Payment . Ex-Gratia Payment Scheme. 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