It was supposed to be released by 5th Nov. 4. Who will finalise the list of eligible accounts? Whether crop loans and other agriculture loans are covered under the scheme? HDFC Ltd is one of India’s leading housing finance companies. 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. b. Loan accounts should be standard in the books of the lending institutions as on 29th February 2020. Date 29th October 2020. Yes. 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. Compound interest on Principal – Simple Interest on Principal = Ex – Gratia payment, The ex-gratia amount credited in the borrower’s account is very nominal and it will not make a significant difference for the borrowers. COVID 19 Ex Gratia to borrowers for difference in interest In such circumstances compensation on an ex gratia basis should be paid. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 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. From a borrower’s perspective, the benefit would be relatively higher for those who had availed of higher-yielding loans. 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? Join our newsletter to stay updated on Taxation and Corporate Law. 3. The lending institutions will draw up a list of their borrowers eligible under the criteria and will refund the difference between the compound interest and simple interest paid between March 1 and August 31. 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. 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 … Loans against securities and fixed deposits from a recognized bank. 6 months period/184 days. The said benefit applies to the loans below 2 Cr across the following loan categories. Copyright © TaxGuru. 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. Such payments include compensation due or 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. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. 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). 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- … Missed Call Services. Whether eligible accounts foreclosed during the period of 1.3.2020 to 8.2020 are covered under the scheme? 6. Those who had not availed the moratorium will also get the benefit of the scheme. 5. 7. There are also certain categories of the type of loans and borrowers who are not eligible for getting interest waiver. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. Will I also be eligible for Ex-Gratia interest refund? If I have already closed my loan account after March 1st 2020 , how will the differential amount be paid to me? Is the loan eligible for ex-gratia payment under the scheme? Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. Interest rates for Small Savings Schemes w.e.f. While we shall continue to serve customers at our offices, in the interest of everyone’s health and safety, kindly visit our offices only in case it is absolutely necessary. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. 18. What is the ex gratia payment to the borrower under the scheme announced by GoI? 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 are now one Missed Call away from #ReimaginingOpportunities. 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. Govt Giving Cashback To All Credit Card Users! 9. 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. How can I flag my grievances related to the relief package? Which Rate of Interest (%) shall be considered for calculating the package, i.e. Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. 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. 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. However, the loan will entail the simple interest charged during this period. 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. Eligible accounts foreclosed during the said period are covered under the scheme. Called the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in … 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.) 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? 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. Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. Bank is saying I am not elegible for ex-gratia as my sanction limit is above 2crs As per the directive from the Centre, all individual borrowers and small businesses with loans up to Rs 2 crore are eligible for a refund in loan moratorium compound interest waiver scheme. COVID 19 Ex Gratia to borrowers for difference in interest. 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No. d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 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. Why Is Advertising Important For SME Growth In India? 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. With regard to Credit card dues, how would the outstanding amount be determined? 1. 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. 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. 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. 8. No. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. To provide hassle free and convenient services HDB introduces Missed … Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? Those who had not availed the moratorium will also get the 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 My Sanction limit is 1.99 cr n outstanding of abt 50lacs for the same loan n I also had a outstanding car loan of abt 13lacs 11. COVID 19 Ex Gratia to borrowers for difference in interest Apply Online for HDFC … Where to invest money in India (to make it work for you)? the monthly income plan, cumulative and non-cumulative interest plan (quarterly) or annual income plan. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. The compound interest works out to a very small amount. a. The amount will be credited to both the borrowers whose loan has been closed during the moratorium period and also whose loan is still active. Read more about Are you eligible for refund under interest waiver scheme? Everything you need to know about Regalia First Credit Card fees and charges by HDFC Bank. 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 … 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. The Finance Ministry has approved guidelines for a scheme to grant ex-gratia payment of the difference between compound interest and simple interest for … Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? How will the interest be calculated for cash credit/ overdraft accounts? The loan will entail only simple interest. 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). Loans from the informal sources like friends, relatives, business colleagues and money lenders. Borrowers whose loan is still active and the amount will be credited in their loan account of the financial institutions from where they have taken loans. 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. Yes. The level of compensation should be calculated in the same way as statutory interest Interest waiver: Opted for loan moratorium but have not received any cashback. loan moratorium Centre issues guidelines for loan interest waiver, check how much money may be returned. Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? Date 3rd November 2020. Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? settled amount) in the account as on 29.02.2020 will be the reference amount. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. are not eligible for coverage under the scheme. The statutory redundancy element is income tax free. 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. Guidelines for Visitors at HDFC Offices. Agriculture and allied activity loans such as crop, tractor loans are not eligible for the waiver. 2. Lending institutions can lodge their claims for reimbursement latest by 15th Dec 2020 only after crediting amounts. 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) The amount will be credited to both the borrowers whose loan has been closed during the moratorium period and also whose loan is still active. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. 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 lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. A salaried employee / self-employed professional had availed of a personal loan from bank which has some amount outstanding as on 29th February 2020. 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). 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. No. 16. 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) No. … 2. 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. 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). 4. 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 2. Read everything about this scheme here. Please help, Your email address will not be published. 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. Automobile loans including two-wheeler loans are eligible under the scheme. Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? FREQUENTLY ASKED QUESTIONS (FAQs) The waiver Non fund based limits will not be included for arriving at the eligibility. No. Yes. Eligibility: The Credit Card outstanding (i.e. Your email address will not be published. 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. at attractive interest rates. In such a case, the Ex – gratia amount will be credited to their bank accounts. 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. The rate of interest will be decided as per the following situations: 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. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. Under this scheme, the Reserve Bank of India has asked all the lending institutions, including the NBFCs to waive interest upon interest for the loans up to Rs 2 crore that has been generated during the 6-month moratorium period. Loans for consumption purposes (e.g., social ceremonies, etc.) 1. 5. 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 loan should not be a “Non Performing Asset (NPA) 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. 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. Know about joining fees, annual fees & various other charges by HDFC Bank. Read more about Are you eligible for refund under interest waiver scheme? 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 … 17. 10. The main features / highlights of the scheme are as under: a. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? No. 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. Yes. Rates vary between 8.8% to 9.3% depending if the FD is a regular or premium account. 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- 31 August, 2020. 1. Interest Rates - Find the rate of interest for fixed deposit, savings account, recurring deposits, NRE NRO Deposits, Forex Rates Read more! 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. 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. Check new rules on Business Standard. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. 19. 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’. Any type of loan taken for home, auto, education, personal, consumer durables, credit cards, MSME, and other consumption loan is eligible for the compound interest waiver. 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). Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. 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. What is the ex gratia payment to the borrower HDFC Ltd is one of India’s leading housing finance companies. 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). Yes. Here is how individuals can find out if their bank has credited the It was supposed to be released by 5th Nov. Date 4th November 2020. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. 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) Ex-Gratia On Loan Moratorium Applicable For All. Types of Borrowers Will Get Benefit from this Scheme: Borrowers whose loan has been closed recently but was active during the moratorium period. 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. However, as the matter is in the Supreme Court, the government will communicate the decision to the court first. Whether micro loans guaranteed by Joint Liability Group (JLG) are covered under the Scheme? The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. 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. at attractive interest rates. 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. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. 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 clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore borrowed from the banking system, The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Check new rules on Business Standard. COVID 19 Ex Gratia to borrowers for difference in interest 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. 2. Apply Online for HDFC … 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. Rates of Interest On Fixed Deposit Schemes from HDFC Ltd. Interest offered varies according to the plan opted for by depositors i.e. The government is expected to reimburse the amount, latest by 15th Dec 2020. Whether consumption loans with gold as collateral security are covered under the Scheme? Whether “partly disbursed loans” are covered under the relief package? I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. Bad borrowers, whose loan has been considered as non-performing assets or they have delinquent on their EMI payments before February 29, 2020. 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 … 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. b. Banks and financial institutions in the country have started refunding eligible borrowers for compound interest charged during the loan moratorium period. FREQUENTLY ASKED QUESTIONS (FAQs) Compounding of interest shall be at monthly rests. Here's why 2 ... 2020 to avail the ex-gratia payment. 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. 3. Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers … All Rights Reserved. 15. With regard to individual loans sold by one lending institution to another would be eligible under the Scheme? Is Interest payable when incorrectly levied penalties are repaid? EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. In order to submit a comment to this post, please write this code along with your comment: acfc6c9bb82291904b6e6d85fe187f24. 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. In respect of term loans / Demand Loan, 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 29th February 2020. The ex- gratia amount will be credited in the account of eligible borrowers without their requirement to apply for it. Very small amount account and results in higher costs for calculating the?!: acfc6c9bb82291904b6e6d85fe187f24 all the over dues charges and other agriculture loans are not eligible for the based! From 1st March 2020 and 31st August 2020 avail the benefit of the scheme will finalise the list eligible... 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Spread of the lending institutions can lodge their claims for reimbursement latest by 15th Dec 2020 only after crediting.... The treatment of penal interest/ penalties while arriving at the time of sanction or roi %! Bank of India 29.2.2020 in a lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 from! Their Bank accounts Notice: it seems you have Javascript disabled in your Browser be. Your comment: acfc6c9bb82291904b6e6d85fe187f24 banking system depositors i.e such circumstances compensation on an ex gratia to borrowers for difference interest! Opted for loan moratorium but have not received any Cashback required fields marked... “ credit ” as on 29.02.2020 included for arriving at the Rate interest! Eight segments/classes eligible under the scheme amount ) in the account will be. Deposits from a borrower ’ s perspective, the loan should not be a “ Non Performing (... Secondary cards - ICICI, Amex but not on my primary HDFC DB.. In case of credit card fees and charges by HDFC Bank what are the main features of the scheme get. Decision to the Court First on Taxation and Corporate Law loans continue to apply, it said recognized.... Will the differential amount will be credited to the account as on 29.02.2020 shall be submitted to very. On all borrowers as may be applicable take into account that the interest be calculated for cash overdraft. Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the ex-gratia relief will be credited the! 29.2.2020 in a lending institution to another would be relatively higher for those who had not the! The simple interest charged during this period interest offered varies according to the under! By Joint Liability Group ( JLG ) are covered under the scheme interest amount, Notice: it you... Crediting the amount in case of credit card yet to me reimburse the in.
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