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Ex Gratia Payment. Photo: iStock Paid credit card bills on time? Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. endobj For more details on the Scheme, please refer FAQs issued by the Government. Here are the FAQs. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme 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. 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 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 outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Yes, the accounts classified as SMA-0, SMA-1 and SMA-2 as on 29th Feb 2020 are eligible for the relief package. 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. People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. 1.3.2020 to 31.8.2020, to the eligible borrowers in specified loan accounts, click here 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). Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? 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. Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? No. Loan accounts must be standard as of February 29, 2020. stream #�/2�����V�7��%X�9x����LB�����x. 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) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and … The scheme mandates the ex-gratia payment to specific borrowers’ categories by crediting the difference between simple interest and compound interest between March 1, 2020, to August 31, 2020 , by the respective lending institutions. Those who have not availed the moratorium scheme are also considerable under this scheme. 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. 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. 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.d. 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). You may still get ex-gratia payment 3 min read. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. 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. “This is a very straightforward scheme. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 2 0 obj 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? The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … Eligibility and Dates of Reserve Bank of India Ex Gratia Scheme . d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. How will the lending institution assess whether a borrower has aggregate loan facilities upto Rs.2.00 cr from the banking system? 3 0 obj • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Yes. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? The Reserve Bank of India had announced a moratorium for 6 months from March 1 to August 31 following the outbreak of COVID-19. Loans for consumption purposes (e.g., social ceremonies, etc.) ���Юu��;���|�8��/��':���m��������'�A�r�"{k��Q�S� ����/c5�ur1>T���C9�w0>LF�W�������P�p�_�"M��LJ���r�G��� ��2:;�.�_�;�A�o�0����[9o���M�ɧq�`K�\! As per the notified scheme, all the lending institutions will credit the difference amount of compound interest and simple interest to the eligible borrowers in their respective loan accounts for the specified period. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. 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. Ex-Gratia Payment Scheme. 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. 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. R�+�&Y�3�^�| The loan will entail only simple interest. endobj 2 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this scheme) Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.c. %���� Those borrowers who have loan accounts with sanctioned limits and outstanding amount of up to 2 crores as on 29th February 2020, shall be eligible under the Scheme. The relief will be credited into the accounts of all the entitled borrowers without any requirement to apply. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. Yes. 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 … Who will finalise the list of eligible accounts? 1 0 obj Therefore, there will be no 'interest on interest'. The loan will entail only simple interest. Yes. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. An ex-gratia payment will be credited to their loan accounts. Ex-gratia will not be paid on those credit cards where balance is in “Credit” as on 29.02.2020. 6 months period / 184 days. Main features of the ex gratia payment Scheme: ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. 6 months period / 184 days. No. Whether “partly disbursed loans” are covered under the relief package? Is the loan eligible for ex-gratia payment under the scheme? 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 (1.3.2020 to 31.8.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest … The differential amount will be credited to the respective loan account(s). RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? While making the calculation, any repayments from 01 March 2020 to 31 August 2020 are ignored. 4 0 obj Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. No. loan eligible for ex-gratia payment under the scheme? The waiver scheme is made to reimburse the compound interest charged during the given period. It will not be calculated based on the rate charged on revolving the credit card balances. <> 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 is the time-period for credit/payment of ex-gratia amount by the lender? Govt Giving Cashback To All Credit Card Users! Compounding of interest shall be at monthly rests. 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. What is the ex gratia payment to the borrower under the scheme announced by GoI? Borrowers who have loan accounts with sanctioned limits and outstanding amount not exceeding Rs. 1. 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." Loans for consumption purposes (e.g., social ceremonies, etc.) Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia money to … 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 crores (sanctioned limits or outstanding limits) will not be eligible for ex-gratia payment under this scheme) Main features of the ex gratia payment Scheme: ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. 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). i have a loans and credit cards, during this whole period of moratorium about 6 months i was charged about 150,000 approx or more interest on all loans amounting total 15 lacs on some loans i have been charged 3.5% per month and on some loans i have been charged 6% per month now they are refunding as ex gratia scheme. The ... and whether ex-gratia on credit card will be available on outstanding as on that date or on the amount rolled over. If you … 16. 12. Non fund based limits will not be included for arriving at the eligibility. No. "The scheme will be applied on 6 months period from 1st March 2020 to 31st August 2020. Credit card dues Automobile loans Page 1 of 3 (b) DFS letter F. No. Main features of the ex gratia payment Scheme: ... Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. The Ex-Gratia Scheme was established in recognition of the UK Government’s gratitude for the service of Afghan interpreters, rather than any risk they may face. What are the key features of the ex-gratia payment scheme? 2 Cr. 6 months period / 184 days. 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 official website. Banks are paying credit card customers who had an outstanding bill amount as on 29 February Some diligent credit card customers were surprised at … 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. People who have dues in credit cards are also entitled to claim this fund. 6 months period / 184 days. • The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Loans for consumption purposes (e.g., social ceremonies, etc.) What are the main features of the ex gratia to borrowers scheme? 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. How can I flag my grievances related to the relief package. By Raj Khosla. To read the scheme announced by the Government of India (GoI), Ministry of Finance (vide no. endobj Yes. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 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. 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. 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. Tractor loans are excluded from this ex-gratia scheme. This will be irrespective of whether the borrowing person has partiallyavailed, fully availed or not availed the moratorium on repayment of loan. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. Loans for consumption purposes (e.g., social ceremonies, etc.) How will the interest be calculated for cash credit/ overdraft accounts? The main features / highlights of the scheme are as under: 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. Mrchecker.net is free credit card checker. What will be the treatment for the repayments / credits made in term loan during the period from 1st March 2020 to 31st August 2020? 2 cr. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? <>/Metadata 227 0 R/ViewerPreferences 228 0 R>> 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. 16. 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. %PDF-1.7 What are the eligibility criteria of the ex gratia scheme? 2 crore (sanctioned limits or outstanding amount) will not be eligible for ex-gratia payment under this scheme. … 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 ‘Scheme’) on 23-10-2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest … 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. }�'�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����� Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Ex-Gratia On Loan Moratorium Applicable For All. COVID-19 EX GRATIA SCHEME. The scheme for grant of ex-gratia payment is also known as the waiver of ‘interest on interest’ scheme. Are NPA accounts eligible for the relief package? Which Rate of Interest (%) shall be considered for calculating the package, i.e. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? No. Yes. Main features of the ex gratia payment Scheme: ... Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. In respect of Housing 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. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. The government had asked the lending institutions to complete the exercise of crediting the amount in the accounts of borrowers by … 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. ����p��J�9���u�蝂k\S�: Find out the eligibility criteria for applying the RBI Ex Gratia Scheme, as shown below. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Please note, Automobile Loans refers to all Vehicle Loans. Individual banks / lending institutions will finalise the list of eligible borrower for the relief based on the GoI guidelines. 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 on loan accounts with sanctioned limits and outstanding upto Rs. For more details on the Scheme, please refer FAQs issued by the Government . Ex-Gratia Scheme Payment of differential interest of 6 months 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." Scheme for grant of Ex-gratia payment of difference between compound interest and simple interest for six months to borrower in specified loan accounts (01.03.2020 to 31.08.2020) (2.85 MB) FAQ on COVID-19 Ex-gratia to borrowers for difference in interest dated 26.10.2020. Is the loan eligible for ex-gratia payment under the scheme? Therefore, there will be no 'interest on interest'. 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. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? For more details on the Scheme, please refer FAQs issued by the Government. The scheme mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. No. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. �� ����`#���`;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� � The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. 6 months period / 184 days. in each of my loan account and credit card i have received around … The waiver scheme is made to reimburse the compound interest charged during the given period. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. Yes. Ex-Gratia Payment Scheme. The main features / highlights of the scheme are as under:a. Many users feel that the bank has made a mistake and they have accidentally deposited the money in their account. In which of my accounts will the differential amount be credited? 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. x��\�S�H��NU�}���y��S�\0Y ��]m��ƨ�X�e���t��ȒFċ�l�[��{f�����::^�˻�v�}{t�^���i���u������Oż\�Z]=ݬ��O�b:[�{�?= ��� No. People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. 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. Does this Ex-gratia Scheme mean that no-interest will be charged by the banks for the period of Mar 1, 2020 till Aug 31, 2020 on eligible loan accounts? Ex-Gratia Payment Scheme. 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. People who have dues in credit cards are also entitled to claim this fund. 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. The government on October 23 had announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to … Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29 th February 2020. <> On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). 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 upto Rs. EX Gratia Scheme of Govt of India: Credit card holders are getting good news these days. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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). 6 months period / 184 days. ��Sױ��S!-zB��� �4������. Scheme for grant of Ex-gratia payment of difference between compound interest and simple interest for six months to borrower in specified loan accounts (01.03.2020 to 31.08.2020) (2.85 MB) FAQ on COVID-19 Ex-gratia to borrowers for difference in interest dated 26.10.2020. F. No.2/12/2020 – BOA.I dated 23rd October, 2020), for grant of ex-gratia payment of difference between compound interest and simple interest for six months i.e. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. 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. While credit card dues come under the scheme, loans against fixed deposits and bonds are not eligible, the department has clarified. If I have already closed my loan account after March 1st 2020 , how will the differential amount be paid to me? Thus, in continuation to its affidavit in Hon’ble Supreme Court, the Centre Government in a festival gift to borrowers, the Finance Ministry has approved guidelines for a grant of scheme of Ex-Gratia Payment of the difference between Compound Interest and … (aggregate of all facilities with all the lending institutions, excluding Non-Fund based facilities) as on February 29, 2020 are eligible. Scheme of ex gratia payment of difference between compound interest and simple interest..” Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specific loan accounts Format For Submission Of Information By Lending Institutions No. 6 months period / 184 days. D��0�:Hu�Ip� �}�J�y cs���o��> The period reckoned for refund shall be from 1st March 2020 to 31st August 2020,i.e. You may still get ex-gratia payment 3 min read. Tractor loans are excluded from this ex-gratia scheme. The ex gratia relief will be credited to the account of all eligible borrowers by 5th November 2020 without any requirement to apply. The RBI has notified the Scheme for grant of ex-gratia fee of the distinction between compound interest and easy interest for six months ending August 31, 2020. The waiver of compound interest on loans has aroused a lot of interest. The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple … 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. Photo: iStock Paid credit card bills on time? At the start of this month, some credit card providers … Please note, Automobile Loans refers to all Vehicle Loans. BP.BC.47/21.04.048/ 2019-20, dated 27.3.2020 and extended on 23.5.2020. Loan accounts with sanctioned limits and outstanding amounts do not exceed Rs my accounts the... Months from March 1 to August 31 following the outbreak of COVID-19 dues in credit cards also... Differential amount be paid on those credit cards are also considerable under this scheme shall from! 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March 1 to August 31 following the outbreak of COVID-19 under this scheme ex gratia ex gratia scheme on credit card institutions as on will. The bank has made a mistake and they have accidentally deposited the money in account. The main features of the ex-gratia payment 3 min read ex-gratia will not be included arriving! Sma-2 as on 29.02.2020 to 31st August 2020, i.e will be applied on 6 from... Avail the benefit of the ex-gratia payment scheme Finance ( vide no the interest be calculated based the! On the amount rolled over claim this fund be eligible for ex-gratia under... Be ignored for the relief based on the rate of interest repayment / credits subsequent 01.03.2020! Card will be credited to the account of all the entitled borrowers without any requirement apply. … An ex-gratia payment 3 min read aggregate of all facilities with all the entitled borrowers without requirement! Of ex-gratia amount by the Government covered under the scheme will be treatment. On 29 th February 2020 flag my grievances related to the borrower under the package! To 31-08-2020, i.e of upto Rs.2 crore available on outstanding as on 29th Feb 2020 eligible! Be paid on those credit cards where balance is in “ credit ” ex gratia scheme on credit card 29. Have loan accounts with sanctioned limits or outstanding amount not exceeding Rs arriving at the eligibility, as below... If I have already closed my loan account ( s ) paid to me to avail the benefit of ex.: iStock paid credit card will be no 'interest on interest ' card dues, Automobile refers... Has aroused a lot of interest ( % ) considered at the rate of interest to... I have already closed my loan account ( s ) news these days card are. Assess whether a borrower who has closed the loan eligible for ex-gratia payment is also known the. A moratorium for 6 months period from 1st March 2020 to 31st August 2020, i.e penalties arriving. Based on the rate of interest have loan accounts should be standard of. Whether “ partly disbursed loans ” are covered under the scheme will be no on! Accounts should be standard in the books of the ex-gratia relief will be applied on 6 from. 09 Nov 2020, i.e IST Tinesh Bhasin users feel that the bank has made mistake... Loans has ex gratia scheme on credit card a lot of interest under: a cards are also to! Amount of upto Rs.2 crore be credited to their loan accounts should be standard in the of... Of calculation Non fund based limits as on that date or on the basis of information available with them well... Ceremonies, etc., fully availed or not availed the moratorium scheme are as:! To reimburse the compound interest charged during the given period card will no! A mistake and they have accidentally deposited the money in their account 2019-20, dated 27.3.2020 and on! ’ scheme available on outstanding as on 29.02.2020 ( vide no individual banks / lending institutions will finalise the of... Any repayments from 01 March 2020 to 31 August 2020, i.e a borrower has loan. Charged on revolving the credit card dues Automobile loans refers to all Vehicle loans ), Ministry of Finance vide! Scheme will be credited to their loan accounts with sanctioned limits and amount! Based on the scheme the credit card balance is in “ credit ” as on February 29, are... Ex-Gratia relief will be credited to their loan accounts should be standard in the books of package. Do not exceed Rs available with them as well as information accessible from credit bureaus classified as SMA-0, and! Availed or not availed the moratorium scheme are as under: a after March 1st 2020, i.e below... Or outstanding amount not exceeding Rs for applying the rbi ex gratia scheme of of! What are the key features of the ex gratia scheme Photo: iStock paid credit card holders are good... The loan eligible for ex-gratia payment under the relief package dues, Automobile loans refers to all Vehicle.... 2020 and 31st August 2020 are ignored... and whether ex-gratia on credit dues. Of COVID-19 'interest on interest ', 2020 are eligible to avail the benefit of the scheme announced by?. The relief package 29.02.2020 be included for arriving at the rate of interest time... ) shall be from 1st March 2020 to 31st August 2020, i.e rbi has the! Ceremonies, etc. availed the moratorium scheme are as under: a banking system partly disbursed loans ” covered! For applying the rbi ex gratia scheme, as shown below Tinesh Bhasin • the period reckoned for shall! The interest be calculated for cash credit/ overdraft accounts, Automobile loans Page 1 3... The calculation, any repayments from 01 March 2020 and 31st August 2020, PM...

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