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. Credit card dues outstanding as on 29.2.2020 would be considered for giving relief to the borrowers and the benchmark rate applicable for such relief would be the contract rate (WALR), as on 29.2.2020, which is used by the credit card issuers for the purpose of EMI loans. No. Under this scheme, the banks and the NBFCs have started crediting the differential amount between the compound interest and the simple interest in the loan or … 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. 3. (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). Do I have to apply for the relief? 2 Cr. 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. BP.BC.47/21.04.048/2019-20, dated 27.3.2020 and extended on 23.5.2020. 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. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. BP.BC.47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. No. Q11. Eligible accounts foreclosed during the said period are covered under the scheme. Eligibility: The Credit Card outstanding (i.e. As Education loans, Housing loans, Consumer Durable loans, Credit card dues, Auto Loans, Personal loans and Consumption loans are loans that are in the form of a Term Loan / Demand Loan and not a Cash Credit [CC] or an Overdraft facility [OD], the outstanding in the account as at the 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. Automobile loans including two-wheeler loans are eligible under the scheme. 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. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. 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). A Non-Banking Financial Company—Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. COVID-19 Ex-Gratia to Borrowers for ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. No. All NBFC— Micro Finance Institutions (NBFC-MFIs) that are members of an RBI-recognised Self-Regulatory Organisation [through Micro Finance Institutions Network (MFIN) and Sa-Dhan], 6. 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 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. To apply for moratorium, please send us a request from your Registered Email Address, along with your Loan Account Number and Registered Mobile Number. Yes. We are also working with our vendors and partners to ensure compliant and robust BCP plans are operationalized at their end as well. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered 47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. While making the calculation repayments in the loan account during the period to be reckoned will be ignored. 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. We have made available numerous digital modes of payments on our official website (www.HeroFinCorp.com), and encourage our Retail customers to pay their dues by leveraging the same. While making the calculation, repayments in the loan account during the period to be reckoned will be ignored. Grant of Ex-gratia Scheme to borrowers. In case of any issues/queries relating to interpretation of this scheme, the decision of Government of India shall be final. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. 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. 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. 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 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. 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. How will I get to know the benefit amount and if I have got the benefit under the scheme or not? ... Credit card dues outstanding as on 29.02.2020 would be considered for giving relief to the Will I also be eligible for Ex-Gratia interest refund? 2 crone (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this scheme. No. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. 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. The ex-gratia payment will be credited to loan accounts by November 5. 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. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. 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. 16. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. 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.) EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. Consumptions loans, including those backed by gold as collateral, are eligible under the scheme. Do I have to apply for the relief? Operational guidelines for the scheme are attached. 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. 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. 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)”. 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. 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. to HFCL. Grant of Ex-gratia Scheme to borrowers. I have not taken Moratorium. The question was raised when the Solicitor General told the court that credit card users would also receive ex-gratia payments. Such borrowers are eligible for refund of differential interest from 1st March 2020 ... No. Yes. 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. People who have dues in credit cards are also entitled to claim this fund. Photo: iStock Paid credit card bills on time? No. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Yes. While we remain committed to providing high levels of service to our customers, given the circumstances, we urge our customers to co-operate with us by ensuring the following: This is an unprecedented situation, and we at Hero FinCorp remain fully focused on overcoming the common crisis that we face. 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. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. Yes. BP.BC.47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. The finance ministry had clarified that loans upto Rs 2 crore under specified categories are eligible for the ex gratia payment of differential interest. The amount of money received depends on the outstanding balance and the interest rates. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. At the start of this month, some credit card providers … 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. (b) The aforesaid eligibility shall be subject to the following further conditions and stipulations: 3. 5. 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. 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. 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. We will also share an updated loan repayment schedule which would include all relevant details. 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. 15. EMIs / over dues prior to March 01, 2020 are not eligible for moratorium. 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. 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. # Will I get the Ex-Gratia interest refund where I took Moratorium for 3 months and then closed the loan? 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. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). We are confident that with a little faith and discipline we shall soon see this situation through and normal business operations shall resume. Grievances, if any, of the lending institutions shall be resolved through the designated cell at the State Bank of India in consultation with the Ministry of Finance, Government of India. 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. COVID-19 EX GRATIA SCHEME. A borrower does not have to fill up any form or submit any proof. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. Yes, you will be eligible for the scheme. settled amount) in the account as on 29.02.2020 will be the reference amount. in each of my loan account and credit card i have received around … 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. We urge customers to use this option only if absolutely necessary. 16. 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. Ex gratia credit on home loans, credit card statements etc at Others. Construction/ Healthcare/ Education Finance. 2/12/2020-BOA.I, Ministry of Finance, Department of Financial Services. The benchmarks and modalities for ex-gratia payment of difference between compound interest and simple interest under the scheme would be as detailed in the attached operational guidelines. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 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! Yes. The period reckoned for refund shall be from 1st March 2020 to 31st August 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. People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. No. guidelines. 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). (Prakash Baliarsingh)Chief General Manager, Issued vide letter F. No. are not eligible for coverage under the scheme. 2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia  payment under this scheme. Will I be eligible for relief if my credit card 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. 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. One Lakhs Only). Such borrowers are eligible for refund of differential interest from 1st March 2020 upto ... No. No. Yes, provided the sanctioned amount and outstanding amount (aggregated for all lending institutions excluding amount of guarantee) does not exceed Rs. Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 2020. 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. No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020. 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 main features / highlights of the scheme are as under: No. 8. 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. 6 months period / 184 days. You may still get ex-gratia payment 3 min read. BP.BC. Illustration: The outstanding amount in a specified loan account as on 29.02.2020 is Rs. The respective lending institutions as described in clause 3 above shall, after so crediting amounts in the accounts of aforesaid eligible borrowers, claim reimbursement from the Central Government as per provisions hereinafter. # Do I need to place a request to get the Ex-Gratia Interest refund? 3rd floor, Jeevan Deep Building, Sansad Marg, New Delhi – 110 001, 2. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the Govt. Take an example of someone who had an outstanding credit card amount of ₹ 1 lakh … However, will be subject to the finalization & processing of Refund by the SBI/Government of India/Regulators. Q2: Who is eligible for the Ex-Gratia Payment? Any debits / credits which are not 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. 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. Clarified that loans upto Rs 2 crore ( sanctioned limits or outstanding amount ) will not be on! 1 lakh … 15 see this situation through and normal business operations shall resume eligible loans, card... Eligible loans, credit card amount of money received depends on the outstanding balance and the interest rates in. The GoI guidelines of closure of account as collateral, are eligible under the scheme would be routed through institutions... Of calculation: iStock paid credit card dues, automobile loans, credit card,... 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Applicable for EMIs due between March 01, 2020 necessary action within the stipulated timeline loans to professionals and loans.

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