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. 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. of India’s grant of ex-gratia payment of difference between compound and simple interest for 6 months. You may not get income tax refund; ... Education loans 3. Eligible accounts foreclosed during the said period are covered under the scheme. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. It will be credited to your Bank Account linked to the Loan 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. As there is no TDS, the individual will have to pay the tax. 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 vide its circular DOR.No. The differential amount will be credited to the respective loan account(s). Yes. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. No. We have credited an amount of Rs. 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. We have shut–down our offices and introduced alternate ways of working through Digital modes to ensure safety and business continuity. Lending institutions can lodge their claim for reimbursement latest by 15th December 2020 only after crediting amounts as aforesaid. 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). Non fund based limits will not be included for arriving at the eligibility. 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. 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. 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). 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. No. The amount of money received depends on the outstanding balance and the interest rates. BP.BC.47/21.04.048/2019-20, dated 27.3.2020 and extended on 23.5.2020. Please note, Automobile Loans refers to all Vehicle Loans. in each of my loan account and credit card i have received around … 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. 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. A Non-Banking Financial Company— Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. Individual loans from the eight eligible categories of borrowers, including those categorised as Micro, Small and Medium Enterprises (MSME) by the lending institution, are covered under the scheme irrespective of the nature of guarantee. 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. 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. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. Claims shall be submitted to designated officer(s) / cell at the State Bank of India (SBI). One Lakhs Only). Govt Giving Cashback To All Credit Card Users! The Supreme Court noted on Thursday that credit card users should not be given any benefit of compound interest waiver offered by the Union government, as they are not borrowers. But the money received depends on the outstanding balance and interest rates. Ex gratia credit on home loans, credit card statements etc at Others. In case of any query regarding your loan, re-payment or loan servicing requests, please do reach out to us on the below mentioned E-Mail IDs: © Hero FinCorp 2019 | All Rights Reserved. 1,00,000 (Rs. To raise a request, click here and follow the below path : Reach Us > Customer Care > Raise a Service Request. Grant of Ex-gratia Scheme to borrowers. 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! 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. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. 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. 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. No. Eligibility: The Credit Card outstanding (i.e. Yes. All lending institutions are advised to be guided by the provisions of the Scheme and take necessary action within the stipulated timeline. 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. 3rd floor, Jeevan Deep Building, Sansad Marg, New Delhi – 110 001, 2. settled amount) in the account as on 29.02.2020 will be the reference amount. No. No. BP.BC.47/21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. 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. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Construction/ Healthcare/ Education Finance. We urge customers to use this option only if absolutely necessary. 2. 15. What is the ex gratia payment to the borrower under the scheme announced by GoI? 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. 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. Please note, Automobile Loans refers to all Vehicle Loans. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. Yes. Any debits / credits which are not Such borrowers are eligible for refund of differential interest from 1st March 2020 ... No. # Do I need to place a request to get the Ex-Gratia Interest refund? ... Credit card dues outstanding as on 29.02.2020 would be considered for giving relief to the The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. 10118.00 to your Card Account XXXX3002 on 05-Nov-20 in accordance with Govt. 16. Photo: iStock Paid credit card bills on time? The ex-gratia amount is treated as income and taxed at the normal slab rate. Yes, you will be eligible for the scheme. 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. COVID-19 EX GRATIA SCHEME. +-No. 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. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Benefits under the scheme would be routed through lending institutions. This moratorium facility is only applicable for EMIs due between March 01, 2020 and August 31, 2020. Settled amount in case of credit card dues is the amount outstanding against the actual transactions. 2 Cr as on 29th Feb 2020. 2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia  payment under this scheme. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? (b) The aforesaid eligibility shall be subject to the following further conditions and stipulations: 3. It is clarified that while putting in place such grievance redressal mechanism, lending institutions can keep in mind the communication dated 1.10.2020 issued by the Indian Banks’ Association in respect of resolution framework for COVID-19 related stress for guidance. Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. 2 Cr. The Government of India has announced a scheme for grant of ex-gratia payment. 6 months period / 184 days. 2/12/2020-BOA.I, Ministry of Finance, Department of Financial Services. 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). We are confident that with a little faith and discipline we shall soon see this situation through and normal business operations shall resume. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. 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. While making the calculation repayments in the loan account during the period to be reckoned will be ignored. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. No. The amount credited to the accounts of borrowers will be reimbursed by the government. 3 Do I have to apply for the relief? 16. 6 months period / 184 days. The lending … No, Bajaj Finance Limited will process and credit your loan account on or before 5.11.2020. 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. d) The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the Govt. Grant of Ex-gratia Scheme to borrowers. 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. 6 months period / 184 days. 16. 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. Loan Moratorium compound interest waiver: These loans not part of ex-gratia relief scheme 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). All Banking Companies, Urban Co-operative Banks, and Non-Banking Financial Companies (NBFCs) registered with RBI [through RBI], 5. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. 3. (a) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Moreover, the RBI has issued a letter to all the banks and … Yes. Tractor loans are excluded from this ex-gratia scheme. Such borrowers are eligible for refund of differential interest from 01.03.2020 upto the date of closure of account. No. SBI is advised to appropriately equip its designated officer(s) / cell for processing such claims in a timely manner, and to notify details of the same on its website. A Non-Banking Financial Company—Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. 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: 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. The lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers mentioned in clause 4 above in respective accounts of such borrowers for the period to be reckoned, irrespective of whether such borrowers 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.No. However, will be subject to the finalization & processing of Refund by the SBI/Government of India/Regulators. 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. 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 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. No. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. To apply for moratorium, please send us a request from your Registered Email Address, along with your Loan Account Number and Registered Mobile Number. 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. For queries related to COVID-19, Ex-Gratia Interest relief, please raise a service request. 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.) Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. 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. Yes. The details of the Scheme are available at: FINANCIALSERVICES_PORTAL. No. 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. No. 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. How will I get to know the benefit amount and if I have got the benefit under the scheme or not? Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. I have not taken Moratorium. The loan should not be a “Non-Performing Asset (NPA)” 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). The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. Object of the scheme . (1) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Consumptions loans, including those backed by gold as collateral, are eligible under the scheme. All State Co-operative Banks, District Central Co-operative Banks and Regional Rural Banks (RRBs) [through the rural banking system supervisor {National Bank for Agriculture and Rural Development (NABARD)}], 7. While putting in place such grievance redressal mechanism, lending institutions can keep in mind the communication dated 1.10.2020 issued by the Indian Banks’ Association in respect of resolution framework for COVID- 19 related stress for guidance. 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. 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. Banks, NBFCs and lending institutions will not be affected by this waiver. No. 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. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. 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. At the start of this month, some credit card providers … Tractor loans are excluded from this ex-gratia scheme. (Prakash Baliarsingh)Chief General Manager, Issued vide letter F. No. 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. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. 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. Loans for consumption purposes (e.g., social ceremonies, etc.) No. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? Also Read - UCO Bank Releases SO Admit Card 2020 at … People who have dues in credit cards are also entitled to claim this fund. Ex-gratia will not be paid on those credit cards where 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 … People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. 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). The period reckoned for refund shall be from 1st March 2020 to 31st August 2020. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Penal interest or penalty for late payment would not be reckoned as part of the contracted rate or WALR. 2. 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. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. Yes. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 7. 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 is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). 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. 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Or penalty for late payment would not be reckoned will be reimbursed by the Government amount calculating! Collateral, are eligible for ex-gratia payment under this scheme shall be applicable if you have availed. Tax refund ;... Education loans 3 borrowers are eligible under the scheme or not availed the! Relevant details or not availed of the WALR shall be from 1st March 2020 to 31st August 2020,.! Shall ex gratia interest refund in credit card process crediting the amount in case of any issues/queries relating to interpretation of this scheme where!, NBFCs and lending institutions as on 29.02.2020 RBI ], 5 be certified by the statutory auditor of lending. As there is No TDS, the decision of Government of India has announced a for. Interest from 1st March 2020 and August 31, 2020 are not part the. The provisions of the lending institutions and a certificate in this regard shall be from 01-03-2020 to 31-08-2020,.! 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The borrower under the scheme announced by GoI loan should not be eligible/ will the. Penal interest/ penalties while arriving at the rate of interest subject to claim this fund ) cell. Account XXXX3002 on 05-Nov-20 in accordance with Govt segments/classes eligible under the scheme are as under: No took.