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. Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. You are now one Missed Call away from #ReimaginingOpportunities. are not eligible for coverage under the scheme. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. No. What will be the treatment for the repayments / credits made in term loan/ demand loan during the period from 1st March 2020 to 31st August 2020? According to an estimate, the ex-gratia payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost … The ex-gratia payment under the government’s interest waiver scheme will be admissible irrespective of whether the borrower has fully or partially availed the moratorium. Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? Date 4th November 2020. Loans for consumption purposes (e.g., social ceremonies, etc.) 1. Read everything about this scheme here. The ex-gratia payment under the government’s interest waiver scheme will be admissible irrespective of whether the borrower has fully or partially availed the moratorium. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 15. 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Which Rate of Interest (%) shall be considered for calculating the package, i.e. However, as the matter is in the Supreme Court, the government will communicate the decision to the court first. 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). To provide hassle free and convenient services HDB introduces Missed … What is settled amount for credit card dues? 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. 8. Loan accounts should be standard in the books of the lending institutions as on 29th February 2020. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 6 months period/184 days. 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. Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. No. 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 Finance Ministry has approved guidelines for a scheme to grant ex-gratia payment of the difference between compound interest and simple interest for … 01.01.2021, Small Savings Scheme Interest rates- January 2021 to March 2021, Govt notifies Dealers in precious/stones & real estate agents under PMLA Act, 2002. 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 bank accounts of the borrowers that have been generated during the moratorium period. Both the borrowers, who have taken (partially or fully) and not taken moratorium facilities. Whether accounts from eligible categories of borrower standard as on 29.2.2020 in a lending institution are covered under the Scheme? At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia … Statutory Interest and Ex-gratia Payments Author Malcolm Dean Last modified by Malcolm Dean Created Date 8/7/2009 11:06:00 AM Company HM Revenue and Customs Other titles Statutory Interest and Ex-gratia … You must take into account that the interest on the loans continue to accrue in your account and results in higher costs. HDFC Ltd is one of India’s leading housing finance companies. 9. There are also certain categories of the type of loans and borrowers who are not eligible for getting interest waiver. Please help, Your email address will not be published. The statutory redundancy element is income tax free. 6. Check new rules on Business Standard. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. c. 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. 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. 18. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? The waiver NEW DELHI: In a festival gift to borrowers, the finance ministry on Wednesday approved guidelines for a scheme for grant of ex-gratia payment of the difference between compound interest … 16. 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 (01-03-2020 to 31-08-2020) 2 crore are eligible. Whether borrowers who have opted for deferment of Interest and Instalment under the RBI COVID 19 relief package earlier are eligible to avail the benefit under the above relief? COVID 19 Ex Gratia to borrowers for difference in interest The government’s ex-gratia payment of interest on interest concession to customers with outstanding loans upto Rs 2 crore will cover 75 per cent of borrowers in the system, according to rating agency CRISIL. The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) Those who had not availed the moratorium will also get the It was supposed to be released by 5th Nov. Is the loan eligible for ex-gratia payment under the scheme? Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. Compounding of interest shall be at monthly rests. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. With regard to Credit card dues, how would the outstanding amount be determined? 4. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. The scheme is eligible for those borrowers, who have taken loans before February 29, this year, and the compound interest charged from March 1, 2020, to August 31st, 2020, will get waived off. Claims shall be submitted to a designated officer at the State Bank of India. Those who had not availed the moratorium will also get the benefit of the scheme. In which of my accounts will the differential amount be credited? The government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore Ex-Gratia On Loan Moratorium Applicable For All. Lending institutions can lodge their claims for reimbursement latest by 15th Dec 2020 only after crediting amounts. The government is expected to reimburse the amount, latest by 15th Dec 2020. Section 78 interest is not due when a penalty which has been incorrectly levied has been repaid. 1. 10. Are NPA accounts eligible for the relief package? Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. It is the differential amount between the Compound Interest and the Simple Interest charged during the moratorium period. 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. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. 13. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? ZipLoan provides collateral-free loans up to Rs 7.5 lacs to the MSMEs just within 3 days and the application process for applying for the loan is simple, hassle-free and quick. 1) The scheme mandates ex-gratia payment by way of crediting the difference between compound interest and simple interest for the the period of six months — 1 March, 2020- … How will the interest be calculated for cash credit/ overdraft accounts? The loan will entail only simple interest. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? Govt Giving Cashback To All Credit Card Users! The ex gratia termination payment. 5. Here's why 2 ... 2020 to avail the ex-gratia payment. Best viewed at 1024 x 768 resolution in IE 10 or above, Mozilla 30 or above, Google Chrome 20 or above, Safari 10 + × Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. Whether two-wheeler loans are covered under the scheme? Eligible accounts foreclosed during the said period are covered under the scheme. Apply Online for HDFC … COVID 19 Ex Gratia to borrowers for difference in interest 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. 4. Who will finalise the list of eligible accounts? 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. Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? the monthly income plan, cumulative and non-cumulative interest plan (quarterly) or annual income plan. Why Is Advertising Important For SME Growth In India? 14. HDFC Ltd offers a wide range of loan products such as Home Loans for new and resale properties, Home Improvement/Extension Loans, Loan Against Property Balance Transfer, etc. In such circumstances compensation on an ex gratia basis should be paid. The compound interest works out to a very small amount. Follow Our Latest Article : Income Tax Refund Status 2021 RBI Ex Gratia Payment Scheme (Loan) This article explains the Online procedure to apply for the RBI Ex Gratia Scheme, Eligibility, Date, and Interest Calculation on the 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. In a case where no interest is being charged on EMIs (no cost EMIs), the ex-gratia payment can be computed using the lender’s base rate or MCLR, whichever is applicable. Ex-gratia payment made voluntarily by an employer is not taxable as ‘profits in lieu of salary _____ 24 December 2015 Background Section 17(3) of the Income-tax Act, 1961 (the Act) brings certain payments such as profits in lieu of salary within the ambit of ‘income from salaries’. Agriculture and allied activity loans such as crop, tractor loans are not eligible for the waiver. Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme (Eds: Recasting overnight story) zeebizindia@gmail.com (Zee Business) 3 days ago Check new rules on Business Standard. Called the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in … 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). With regard to individual loans sold by one lending institution to another would be eligible under the Scheme? Bank is saying I am not elegible for ex-gratia as my sanction limit is above 2crs It was supposed to be released by 5th Nov. No. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. In respect of 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. Automobile loans including two-wheeler loans are eligible under the scheme. 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. 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. Whether crop loans and other agriculture loans are covered under the scheme? Everything you need to know about Regalia First Credit Card fees and charges by HDFC Bank. The level of compensation should be calculated in the same way as statutory interest Considering the current COVID-19 situation, we are taking the necessary precautionary measures to control the spread of the virus. 2. Read more about Are you eligible for refund under interest waiver scheme? Date 29th October 2020. FREQUENTLY ASKED QUESTIONS (FAQs) Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. FREQUENTLY ASKED QUESTIONS (FAQs) What are the main features of the ex gratia to borrowers scheme? Your email address will not be published. Read more about Are you eligible for refund under interest waiver scheme? 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. Missed Call Services. HDFC Ltd is one of India’s leading housing finance companies. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. 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. Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers … For consumer durable loans, the rate of interest which will be applied for calculating the interest on interest benefit shall be contracted at the same rate as specified in the loan agreement. All the over dues charges and other penal interest shall continue to apply on all borrowers as may be applicable. No. The ex-gratia payment of 'interest on interest' will be applicable for six months and only for selective specified loans, sources added. Accounts of eligible category of borrowers which are standard as on 29.2.2020 are covered under the Scheme, i.e., the loan should not be a nonperforming asset (NPA) as on 29.2.2020 in the lending institution concerned. 11. Yes. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. Now that the moratorium period is over, the government will grant borrowers ex-gratia payment of the difference between the compound interest and the simple interest … 5. 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 Rs 2 crore (aggregate of all the borrowings/facilities from all the banks and financial Institutions) for the period from March 1 to August 31, 2020 (6 months / 184 days). 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. 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 Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) A salaried employee / self-employed professional had availed of a personal loan from bank which has some amount outstanding as on 29th February 2020. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme, Kind of Loans and Borrowers Who Are Not Eligible for the Ex – Gratia Relief Scheme, Claim Reimbursement by Lending Institutes, GSTIN To Provide Free Billing & Accounting Software To MSMEs. No. Interest rates for Small Savings Schemes w.e.f. What is the ex gratia payment to the borrower In order to submit a comment to this post, please write this code along with your comment: acfc6c9bb82291904b6e6d85fe187f24. at attractive interest rates. 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. In this blog, we will know about the scheme for the grant of Ex-Gratia payment in detail. From a borrower’s perspective, the benefit would be relatively higher for those who had availed of higher-yielding loans. Whether micro loans guaranteed by Joint Liability Group (JLG) are covered under the Scheme? 12. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? What is the ex gratia payment to the borrower under the scheme announced by GoI? A 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. Will I also be eligible for Ex-Gratia interest refund? The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Loans against securities and fixed deposits from a recognized bank. 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. Read more! Ex-gratia Payment Scheme is launched to offer interest relief to borrowers having loans of upto INR 2 Cr. ZipLoan, one of the trusted and RBI registered NBFC have started providing Ex – Gratia Relief to the eligible borrowers by crediting the amount on the borrower’s account from 5th November. 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 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. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. 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