The period to be reckoned for crediting of difference between compound interest and simple interest … What is the ex gratia payment to the borrower under the scheme announced by GoI? Any debits/credits, which are not reflected in the account, will not be eligible, *However, loans against fixed deposits [including Foreign Currency Non-Resident (Bank) {(FCNR(B)} account, bonds and other interestbearing instruments], and shares etc., and loans given for investment in financial assets (shares, debentures etc.) The eligibility will only for the following segments/classes of loans: 1. Support quality journalism and subscribe to Business Standard. 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 on or before 5.11.2020. Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? Here are the major questions answered about the grant of ex-gratia payment of the interest of interest, as addressed by the finance ministry: Who is eligible? Upcoming IPOs in 2021: LIC, IRFC, Zomato, other public issues on cards; will IPO bull run continue in 2021? Kindly visit the Manage my subscription page to discover the benefits of this programme. # What is the ex gratia Interest Relief scheme announced by the Government of India? It was supposed to be released by 5th Nov. 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). Copyrights © 2020 Business Standard Private Ltd. All rights reserved. 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 … In cases where no interest is being charged on Equated Monthly Instalments (EMI) for a specified period, for the purpose of ex-gratia payment, interest may be applied at the lender’s base rate / Marginal Cost of funds based Lending Rate (MCLR) whichever is applicable. 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. 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 bank/ lending institution will provide ex gratia payment to the borrower account of the difference between compound interest and simple interest … Click here to view details of HDFC Bank Regalia Credit Card Fees and Charges; Welcome Benefit of 2500 Reward Points and renewal benefit of 2500 Reward Points (applicable only after the membership fee is realized and not applicable when the fee is waived off) *Terms & Conditions Apply. You still need to file income tax return in these cases, Sell TCS, Bajaj Finance, other Nifty, Next 50 shares even as these benchmarks hit new 52-week highs, Want to continue using WhatsApp? Like us on Facebook and follow us on Twitter. NOTE: For card sourced starting 01-11- 2020, Below T&Cs are applicable 1. Credit card interest waiver In the case of credit card dues, the interest rate will be the weighted average lending rate (WALR) charged. Automobile loans 7. Object of the scheme . Even partly-disbursed loans will be covered under the scheme. Financial Express is now on Telegram. The same is applicable to those who surrendered their cards or repaid loans after 29 February. Credit card dues6. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. No Interest Rebate on Credit Card During the hearing in the Supreme Court, Tushar Mehta, who is appearing for the Central Government, said that the credit card user will also get ‘Ex-Gratia’. 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. a loan should not be a Non-Performing Asset (NPA). Consumer durable loans5. Last Friday, the government had 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. The rate of interest would be as prevailing on 29.2.2020, i.e., in case the rate of interest has changed thereafter, it shall not be reckoned for the purposes of this computation. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. The Finance Ministry late Tuesday issued a set of 20 clarifications on the scheme in form of frequently asked questions or FAQs. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. 2021The Indian Express [P] Ltd. All Rights Reserved. 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). 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 1st March 2020 to 31st August 2020. 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. 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. Yes. … they should not be non-performing assets, *The following type of loan accounts will be eligible: MSME Loans, education loans, housing loans, consumer durable loans, credit card dues, automobile loans, personal loans to professionals and consumption loans, * The credit card outstanding (i.e. New Delhi  The government’s scheme applies to housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans. BHPian . As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Credit card refund rules mean, purchases are protected by law - the Consumer Credit Act 1974 gives credit card protection on your purchases over £100. I have not taken Moratorium. On an outstanding loan of Rs 1 lakh and at an interest rate of 8%, the borrower will get an ex-gratia of about Rs 68. Education loans3. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: [email protected] Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. Last Friday, the government had 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. 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). Your support through more subscriptions can help us practise the journalism to which we are committed. Further, the loan account should be standard as on February 29, 2020, i.e. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. 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 and simple interest by way of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. As soon as the banks and financial institutions complete the process of crediting the interest on interest waiver, they can claim a reimbursement from the government. The period to be reckoned for crediting of difference between compound interest and simple interest by the lending institutions would be from 1.3.2020 to 31.8.2020 (six months / 184 days). 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 6. 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, *For MSME loans, in case of term or demand loans, the rate of interest for the purpose of calculating the differential will be the contracted rate as specified in the loan agreements/ documentation applicable as on February 29, 2020. 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For cash credit or overdraft, the rate of interest will be the rate of interest prevailing as on February 29, 2020 * The rate of interest for credit cards for the purpose of refund will 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 August 31, 2020 Location: Bangalore. Click here to join our channel and stay updated with the latest Biz news and updates. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Will I also be eligible for Ex-Gratia interest refund? 2 crore are eligible. Modi govt makes these changes to help you claim LTC benefits, DMart’s Q3 profit jumps 16% YoY amid surge in festive shopping; Ebitda margin improves to 9.1%, Invest in Sovereign Gold Bond Scheme 2020-21 (Series X) from January 11 - Check issue price, online offer, Bird Flu LIVE: Delhi bans import of live birds, Ghazipur poultry market shut down for 10 days, COVID Vaccine Diplomacy! For cash credit or overdraft, the rate of interest will be the rate of interest prevailing as on February 29, 2020, * The rate of interest for credit cards for the purpose of refund will 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 August 31, 2020, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Join Date: Oct 2004. The government on Tuesday evening issued ‘frequently asked questions’ on its scheme to refund the compound interest on loans by borrowers, during the loan moratorium period from March-August, 2020, following an ongoing petition in the Supreme Court. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Digital Editor. As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.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). settled amount) in the account as on 29.02.2020 will be the reference amount. Personal loans to professionals 8. We, however, have a request. Credit card dues will also be eligible, the government said.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); Here are a few key highlights of the scheme: *All loan accounts with sanctioned limits and outstanding not exceeding Rs 2 crore as on 29.02.2020 will be eligible, *The eligibility limit of Rs 2 crore as borrowed sum has to be an aggregate loan taken from the banking system, *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, *Loan accounts should be standard in the books of the lending institutions as of 29.02.2020 i.e. Aditya Puri hands over charge, Jagdishan takes over as HDFC Bank MD & CEO. Govt's ex-gratia payment of interest on interest to cover 75% borrowers The tab that the government will pick-up for such concession is estimated at about Rs 7,500 crore, according to CRISIL's analysis. Modi govt makes these rule changes to help you claim LTC benefits, Why credit cards could be your best friend during challenging times, Sun Pharmaceutical Industries Share Price, This website follows the DNPA’s code of conduct. When I called the customer care, they didnt have a clue. 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 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. Also Read - UCO Bank Releases SO Admit Card 2020 at … I could see ex gratia credit on my ICICI home loan statement, HDFC credit card statement, SBI statement. Consumption loans. New Delhi: Earlier this month, all lending institutions were asked to implement provisions of Scheme for grant of ex-gratia payment of the difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug). The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system, due for repayment during this period. Enjoy Reading! 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. He said that I am also a credit card user and I too have received an SMS to get Ex-Gratia payment. Personal loans to professionals8. India to become world's Corona vaccine hub, ready to supply vaccines across the globe, India ushering in rapid structural reforms to become USD 5 trn economy by 2025: Goyal, Smart manufacturing for MSMEs: How small businesses can overcome barriers to Industry 4.0 adoption, Bitcoin bull run continues as price soars nearly 4X in 3 months; market cap crosses $730B mark, Copyright © Abhijit Lele | Mumbai Last Updated at October 26, 2020 18:07 IST. Housing loans4. 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). Topics 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 or an Overdraft facility, 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. Topics Banks borrowings. As a uniform rate is not available, WALR will be utilised as the benchmark rate. Business Standard. Automobile loans7. are not eligible for coverage under the scheme, *The period for refund, on which the difference between compound interest and simple interest on loan accounts will be calculated, will be from March 1, 2020 to August 31, 2020, *Borrowers will not have to apply to their lending institutions and the compound interest refund will be credited into their bank accounts automatically, *Non-fund based limits will not be included for arriving at the eligibility, *Even partly-disbursed loans will be covered under the scheme, *Borrowers, who have closed their bank accounts between March and August 2020, will also be eligible for a refund, which will be calculated till the date of closing of their accounts, *In case a bank account is closed, the borrower has to inform the bank about the same and give alternative bank account details for crediting money, *Banks will assess whether a borrower has aggregate loan facilities of up to Rs 2 crore from the banking system on the basis of information available with them as well as information accessible from credit bureaus, *In case 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 the loan agreements/ documentation applicable as on February 29, 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 the loan agreements/ documentation. 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. For accounts closed during the said period, the period for crediting would be from 1.3.2020 and restricted to the date of closure of such account. Ex-Gratia Scheme for borrowers notified! While making the calculation, repayments in the loan account during the period to be reckoned will be ignored. Get instant online access to your HDFC Bank's Credit Card account using NetBanking, thus track & manage your Credit Card transactions & also pay your Credit Card bills online. We believe in free, fair and credible journalism. Market HIGHLIGHTS: Sensex ends at record closing high, Nifty near 14,350; Maruti, Tech Mahindra zoom over 5%, Don't have taxable income? Banking | loan waiver | EMI, Somesh Jha  |  Introduction. Consumption loans. This will make the approach of the lending institutions 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. (1) Thanks 15th November 2020, 15:20 #3967: kap04. Ladakh LAC standoff: India Army has created catch-22 situation for the Chinese, says an expert, Indian Railways creates new record with longest-ever 2.8 km long ‘SheshNaag’ train; Watch video. The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts.The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by … 2 crore (aggregate of all facilities with lending institutions) as on 29.2.2020, shall be eligible under the Scheme. Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. The RBI has notified the Scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months ending August 31, 2020. 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. The compound interest works out to a very small amount. grant of ex-gratia payment of difference between compound interest and simple interest 1. Check eligibility calculation of interest, Invest in Sovereign Gold Bond Scheme 2020-21 (Series X) from January 11 – Check issue price, online offer, Central Government Employee? Q11. MSME loans2. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. 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The Top Court, Hon’ble Supreme Court is hearing a batch of petitions that raised issues concerning the six months loan moratorium period announced due to the COVID-19 pandemic. The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium . Difference between compound interest works out to a very small amount loan statement, HDFC card! Shall be applicable if you have partially availed or not availed of the day how to our... Standard is happy to inform you of the day rbi has ordered lending. Updated at October 28, 2020 10:06 IST our channel and stay Updated with the latest Biz news and.... Content can only help us achieve the goals of offering you even and... 5Th Nov what is the ex gratia payment to the Supreme Court online content can only help us the... 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