Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. Interest Waiver & Cashback Scheme – Mar 2020 to Aug 2020. 6 months period/184 days. The ex gratia termination payment. It was supposed to be released by 5th Nov. 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. 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. Consumptions loans, including those backed by gold as collateral, are eligible under the 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. 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 amount will be credited to both the borrowers whose loan has been closed during the moratorium period and also whose loan is still active. … The main features / highlights of the scheme are as under: a. Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), COVID 19 Ex Gratia to borrowers for difference in interest : FAQs. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. Check new rules on Business Standard. Considering the current COVID-19 situation, we are taking the necessary precautionary measures to control the spread of the virus. 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. 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 Department of Financial Services has issued a set of Frequently Asked Questions (FAQs) on the interest waiver scheme, or the scheme of ex-gratia payment of difference between simple and compound interest to eligible borrowers for a six month period between March 1 and August 31, 2020.Get latest Economy online at cnbctv18.com 4. The level of compensation should be calculated in the same way as statutory interest Whether “partly disbursed loans” are covered under the relief package? 13. 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 February 29, 2020. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? 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? 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- … Automobile loans including two-wheeler loans are eligible under the scheme. What is settled amount for credit card dues? Yes. 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. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. From a borrower’s perspective, the benefit would be relatively higher for those who had availed of higher-yielding loans. 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 Called the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in … 17. 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 ex- gratia amount will be credited in the account of eligible borrowers without their requirement to apply for it. Whether micro loans guaranteed by Joint Liability Group (JLG) are covered under the Scheme? Guidelines for Visitors at HDFC Offices. at attractive interest rates. Those who had not availed the moratorium will also get the However, the loan will entail the simple interest charged during this period. Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 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 … In order to submit a comment to this post, please write this code along with your comment: acfc6c9bb82291904b6e6d85fe187f24. 15. 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). at attractive interest rates. 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, d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Missed Call Services. 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. No. Eligible accounts foreclosed during the said period are covered under the scheme. 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. In which of my accounts will the differential amount be credited? Apply Online for HDFC … 5. Loan accounts should be standard in the books of the lending institutions as on 29th February 2020. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. Whether consumption loans with gold as collateral security are covered under the Scheme? Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. 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. 2 crore are eligible. 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 … 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. 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. 8. Join our newsletter to stay updated on Taxation and Corporate Law. Best viewed at 1024 x 768 resolution in IE 10 or above, Mozilla 30 or above, Google Chrome 20 or above, Safari 10 + × 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. Non fund based limits will not be included for arriving at the eligibility. 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 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. It is the differential amount between the Compound Interest and the Simple Interest charged during the moratorium period. Your email address will not be published. settled amount) in the account as on 29.02.2020 will be the reference amount. RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? 2. are not eligible for coverage under the scheme. 20. Please help, Your email address will not be published. Govt Giving Cashback To All Credit Card Users! 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. Is the loan eligible for ex-gratia payment under the scheme? 12. It was supposed to be released by 5th Nov. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. 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. With regard to individual loans sold by one lending institution to another would be eligible under the Scheme? 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