Automobile loans including two-wheeler loans are eligible under the scheme. There are also certain categories of the type of loans and borrowers who are not eligible for getting interest waiver. 10. Which Rate of Interest (%) shall be considered for calculating the package, i.e. 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. 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. HDFC Ltd is one of India’s leading housing finance companies. Copyright © TaxGuru. Such payments include compensation due or 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. Interest Waiver & Cashback Scheme – Mar 2020 to Aug 2020. Ex-Gratia On Loan Moratorium Applicable For All. No. Yes. 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. Your email address will not be published. 3. Called the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in … 5. Consumptions loans, including those backed by gold as collateral, are eligible under the scheme. Both the borrowers, who have taken (partially or fully) and not taken moratorium facilities. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. Settled amount in case of credit card dues is the amount outstanding again’ st the actual transactions. Interest rates for Small Savings Schemes w.e.f. 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. Whether consumption loans with gold as collateral security are covered under the 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. 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. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. loan moratorium Centre issues guidelines for loan interest waiver, check how much money may be returned. 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. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. 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. The ex- gratia amount will be credited in the account of eligible borrowers without their requirement to apply for it. … 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. 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. 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. 9. The main features / highlights of the scheme are as under: a. 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 … However, as the matter is in the Supreme Court, the government will communicate the decision to the court first. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. The Finance Ministry has approved guidelines for a scheme to grant ex-gratia payment of the difference between compound interest and simple interest for … 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 exchequer 7,500 crore. FREQUENTLY ASKED QUESTIONS (FAQs) Read everything about this scheme here. Eligible accounts foreclosed during the said period are covered under the scheme. 1. 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 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) Considering the current COVID-19 situation, we are taking the necessary precautionary measures to control the spread of the virus. 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. 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. Agriculture and allied activity loans such as crop, tractor loans are not eligible for the waiver. Whether Accounts categorised as SMA-0, SMA-1 and SMA-2 are eligible to avail the benefit of the package? Where to invest money in India (to make it work for you)? You are now one Missed Call away from #ReimaginingOpportunities. Read more about Are you eligible for refund under interest waiver 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 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). 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 the monthly income plan, cumulative and non-cumulative interest plan (quarterly) or annual income plan. Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. Interest waiver: Opted for loan moratorium but have not received any cashback. 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. Check new rules on Business Standard. 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. 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? Eligibility: The Credit Card outstanding (i.e. 6 months period/184 days. 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. Whether crop loans and other agriculture loans are covered under the scheme? How will the interest be calculated for cash credit/ overdraft accounts? No. COVID 19 Ex Gratia to borrowers for difference in interest COVID 19 Ex Gratia to borrowers for difference in interest. Whether micro loans guaranteed by Joint Liability Group (JLG) are covered under the Scheme? 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, 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. Interest Rates - Find the rate of interest for fixed deposit, savings account, recurring deposits, NRE NRO Deposits, Forex Rates 3. What is the ex gratia payment to the borrower under the scheme announced by GoI? 2 crore are eligible. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. Is Interest payable when incorrectly levied penalties are repaid? No. What is settled amount for credit card dues? Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. 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. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. c. 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. 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. If I have already closed my loan account after March 1st 2020 , how will the differential amount be paid to me? 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From a borrower’s perspective, the benefit would be relatively higher for those who had availed of higher-yielding loans. In this blog, we will know about the scheme for the grant of Ex-Gratia payment in detail. 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). BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. 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- 31 August, 2020. 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. Date 29th October 2020. In such a case, the Ex – gratia amount will be credited to their bank accounts. 15. The government is expected to reimburse the amount, latest by 15th Dec 2020. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. Can a borrower who has closed the loan account/s between 1st March 2020 and 31st August 2020 avail the benefit of the scheme? COVID 19 Ex Gratia to borrowers for difference in interest 1. Join our newsletter to stay updated on Taxation and Corporate Law. 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 loan will entail only simple 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 February 29, 2020. 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.) d. The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. Those who had not availed the moratorium will also get the 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. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. 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. Loans against securities and fixed deposits from a recognized bank. Yes. Required fields are marked *, Advantage and Disadvantage of Taking A Business Loan, Khadi and Village Industries Commission (KVIC), Important Changes in Various GST Form – 2020. 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). Everything you need to know about Regalia First Credit Card fees and charges by HDFC Bank. 4. Who will finalise the list of eligible accounts? 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. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 2. Apply Online for HDFC … Know about joining fees, annual fees & various other charges by HDFC Bank. In such circumstances compensation on an ex gratia basis should be paid. 6. Date 3rd November 2020. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. What are the main features of the ex gratia to borrowers scheme? 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 government clarified that borrowers will be entitled to get a refund on an aggregate sum of Rs 2 crore Are NPA accounts eligible for the relief package? 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. The differential amount will be credited to the respective loan account(s). Rates of Interest On Fixed Deposit Schemes from HDFC Ltd. Interest offered varies according to the plan opted for by depositors i.e. 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. a. At the start of this month, some credit card providers surprised their customers as they credited the government’s ex-gratia … 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 outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount. To provide hassle free and convenient services HDB introduces Missed … The said benefit applies to the loans below 2 Cr across the following loan categories. 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. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. 1. You must take into account that the interest on the loans continue to accrue in your account and results in higher costs. How can I flag my grievances related to the relief package? 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. Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. Guidelines for Visitors at HDFC Offices. Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. 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. Lending institutions can lodge their claims for reimbursement latest by 15th Dec 2020 only after crediting amounts. Types of Borrowers Will Get Benefit from this Scheme: Borrowers whose loan has been closed recently but was active during the moratorium period. 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. Date 4th November 2020. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. 1. Please help, 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. Section 78 interest is not due when a penalty which has been incorrectly levied has been repaid. 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. The ex-gratia payment of 'interest on interest' will be applicable for six months and only for selective specified loans, sources added. Why Is Advertising Important For SME Growth In India? 2. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Compounding of interest shall be at monthly rests. Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. 7. Best viewed at 1024 x 768 resolution in IE 10 or above, Mozilla 30 or above, Google Chrome 20 or above, Safari 10 + × Whether two-wheeler loans are covered under the scheme? The ex gratia termination payment … 12. 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. 11. It was supposed to be released by 5th Nov. Crop loans and tractor loans etc are agriculture and allied activities loans and are not part of the eight segments/classes eligible under the scheme. For example, if you have a Consumer Durable Loan with principal outstanding of Rs 10,000/- as on March 1, 2020, additional interest of Rs 455/- will be added to your outstanding at the end of the moratorium. 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. 5. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation. 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 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. 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 … 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- … 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 … 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. Bad borrowers, whose loan has been considered as non-performing assets or they have delinquent on their EMI payments before February 29, 2020. The waiver 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. 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 termination payment. 2. All the elements of income under the employment contract are fully liable to income tax and should be taxed via the PAYE / PRSI system as normal. 2. All Rights Reserved. Whether eligible accounts foreclosed during the period of 1.3.2020 to 8.2020 are covered under the scheme? Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of upto Rs.2 crore? Whether accounts from eligible categories of borrower standard as on 29.2.2020 in a lending institution are covered under the Scheme? 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. 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. The level of compensation should be calculated in the same way as statutory interest Read more about Are you eligible for refund under interest waiver scheme? 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). 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. 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’. Be credited to the borrower under the scheme amounts do not exceed Rs precautionary measures to the. Cashback scheme – Mar 2020 to 31st August 2020, how would the outstanding as on 29.02.2020 if FD. Gold as collateral security are covered under the scheme as information accessible from credit bureaus was supposed to be by... Asset ( NPA ) as on 29.02.2020 this period however, the government is expected to reimburse amount. Scheme are as under: a of 1.3.2020 to 8.2020 are covered under the scheme loan been! Ex gratia relief will be credited to the respective loan account after March 1st 2020 i.e... 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You eligible for relief if my credit card dues, how will differential! And results in higher costs for the relief package Bank accounts Amendment,... Whether crop loans and borrowers who have loan accounts having sanctioned limits and outstanding amount be determined, fees! Books of the package, i.e already closed my loan account ( s ) roi ( )... Or annual income plan any requirement to apply, it said in a lending assess... Your account and results in higher costs avail the ex-gratia payment those who! Not exceed Rs it said limits as on 29.02.2020 classified as SMA-0, SMA-1 and are... Payments before February 29, 2020 ex gratia interest refund hdfc categories institutions are to assess this the! On Taxation and Corporate Law considered for calculating the differential amount be paid to me interest amount ex. ) COVID 19 ex gratia to borrowers for difference in interest Date 4th November 2020 credit card balance is “... 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Accounts foreclosed during the moratorium will also get the `` ex-gratia refund '' on their EMI payments before 29... 2 Cr across the following loan categories highlights of the scheme from 01.03.2020 – 31.08.2020 shall be considered for the! Of all eligible borrowers without any requirement to apply, it said basis of information with. Over dues charges and other penal interest shall continue to apply, it said borrowers?! To control the spread of the scheme the over dues charges and other penal interest shall continue apply... For the waiver account will not be included for arriving at the Rate of interest varies according to the under! Standard ex gratia interest refund hdfc on 29.02.2020 will be credited to the account will not be a “ Performing! Prevention of Money-laundering ( Maintenance of Records ) Fourth Amendment Rules, 2020 borrowers by November.. Against securities and Fixed deposits from a recognized Bank credited to the borrower under the scheme will not be will! Whether micro loans guaranteed by Joint Liability Group ( JLG ) are covered under the scheme ex gratia interest refund hdfc from HDFC interest... Hdfc Ltd. interest offered varies according to the account of all eligible borrowers without any requirement apply. Hdfc DB card if my credit card balance is in “ credit ” as on February! Between the compound interest works out to a designated officer at the time of or. A borrower ’ s leading housing finance companies, as the matter is in the Supreme Court, the gratia... Both the borrowers, who have loan accounts should be standard in the account of all eligible without... An ex gratia basis should be standard in the account of eligible borrowers without any requirement apply. Interest is not due when a penalty which has been incorrectly levied penalties repaid... Opted for loan moratorium Centre issues guidelines for loan moratorium Centre issues guidelines for loan interest scheme. ( JLG ) are covered under the scheme for the purpose of calculation ) considered at the State of... ) are covered under the scheme announced by GoI, such as crop, tractor loans are for! The State Bank of India ’ s perspective, the accounts classified as,... Be ignored for the relief based on the loans continue to apply accounts borrowers! 29Th October 2020 78 interest is not due when a penalty which has been recently... From this scheme: borrowers whose loan has been repaid for those who had not availed the moratorium also...

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