Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. 6 months period / 184 days. 5) Credit card dues 6) Automobile loans 7) Personal loan to professionals 8) Consumption loans Any borrower whose aggregate of all facilities with lending institutions is more than Rs. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> … endobj Ex-Gratia On Loan Moratorium Applicable For All. How will the interest be calculated for cash credit/ overdraft accounts? %���� Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29 th February 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. 6 months period / 184 days. 6 months period / 184 days. 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. �� ����`#���`;ix(��|=3���z]=D���7M�`5�����8���g�,;J������� %�0mNp���n�8��O�D��/���$��@� N�Pi�4��y�A-D&5�H�_ �a�qwB��7͚� � Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. Loan accounts must be standard as of February 29, 2020. They are getting a message from the card issuing bank or institution these days that the money has been deposited in their account of the government’s EX Gratia Scheme. What will be the treatment for the repayments / credits made in term loan during the period from 1st March 2020 to 31st August 2020? <>/Metadata 227 0 R/ViewerPreferences 228 0 R>> Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced 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. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. No. No. Our CC Checker are working very well to check your real,valid credit card details.Mrchecker.net is also providing visa card number credit card checker and credit card generator and validator.our cc checker and credit card checker also provide bin checker. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. The ... and whether ex-gratia on credit card will be available on outstanding as on that date or on the amount rolled over. 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). (aggregate of all facilities with all the lending institutions, excluding Non-Fund based facilities) as on February 29, 2020 are eligible. "The scheme will be applied on 6 months period from 1st March 2020 to 31st August 2020. Those who have not availed the moratorium scheme are also considerable under this scheme. Yes. ��Sױ��S!-zB��� �4������. Is the loan eligible for ex-gratia payment under the scheme? 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. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 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. endobj Main features of the ex gratia payment Scheme: ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Here are the FAQs. “This is a very straightforward scheme. Loans for consumption purposes (e.g., social ceremonies, etc.) 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. 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 … The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by … D��0�:Hu�Ip� �}�J�y cs���o��> At the start of this month, some credit card providers … Guidance on how ex-gratia payments are managed and resolved, and how actual and non-financial losses are assessed by UK Visas and Immigration, Immigration Enforcement and Border Force. 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. To read the scheme announced by the Government of India (GoI), Ministry of Finance (vide no. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 1.3.2020 to 31.8.2020, to the eligible borrowers in specified loan accounts, click here 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. 2/ 12/2020-BOAI, dated 23.102020 (vil) Personal loans to professionals (viil) Consumption loans Any borrower whose aggregate of all facilities with lending institutions is more than Rs. The Reserve Bank of India had announced a moratorium for 6 months from March 1 to August 31 following the outbreak of COVID-19. <> Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.c. The Ex-Gratia payment under this scheme shall be applicable if you fall under below categories: (1) had fully availed or partially availed or not availed of the moratorium on repayment announced by RBI ride its circular DOR. No. The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … No. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? People who have dues in credit cards are also entitled to claim this fund. Find out the eligibility criteria for applying the RBI Ex Gratia Scheme, as shown below. New Delhi: The Reserve Bank of India (RBI) issued direction on Tuesday to all lending institutions to implement provisions of Scheme for grant of ex-gratia payment of difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug) and take necessary action within the stipulated time. 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. }�'�8�!\1NG9-�gX���� .��8��8�}nD��9n�F*��v"�M[$I��禽�t��P�Q�:�i2b�3�ӄ����$q��~?�ƛ�(�����t��qf��׍_n�>�����&nk���9@:�.�8��M�$�Y�_��2��e�eL�PPH�^�U4v �� =�|F�M ������M���N�L�l�����ҭ�����Нx���ID���,���%�J�\�7�����'�#L�����?~���`[�X!D����� 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. 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