ex gratia interest refund in credit card

ex gratia interest refund in credit card

Yes. 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. One Lakhs Only). The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. After the exercise mentioned in paragraph 5 above has been completed, lending institutions can lodge their claim for reimbursement latest by 15.12.2020. The lending institutions shall credit the difference between compound interest and simple interest with regard to the eligible borrowers mentioned in clause 4 above in respective accounts of such borrowers for the period to be reckoned, irrespective of whether such borrowers have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR.No. You may not get income tax refund; ... Education loans 3. Q2: Who is eligible for the Ex-Gratia Payment? The differential amount will be credited to the respective loan account(s). Yes. The Government of India has announced a scheme for grant of ex-gratia payment. Yes, you would be eligible for the scheme if the account was standard as on 29th Feb, 2020, The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium. Moreover, the RBI has issued a letter to all the banks and … Do I have to apply for the relief? All Housing Finance Companies (I IPCs) registered with the National Housing Bank (NHB) [through the supervisor of HFCs (National Housing Bank)], The undersigned is directed to convey that in view of the unprecedented and extreme COVID-19 situation, the Central Government has approved “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)”. 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. 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. # Do I need to place a request to get the Ex-Gratia Interest refund? 16. 2. As there is no TDS, the individual will have to pay the tax. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: [email protected] Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. Take an example of someone who had an outstanding credit card amount of ₹ 1 lakh … Updated: 09 Nov 2020, 05:21 PM IST Tinesh Bhasin. While making the calculation repayments in the loan account during the period to be reckoned will be ignored. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020. 7. The Supreme Court noted on Thursday that credit card users should not be given any benefit of compound interest waiver offered by the Union government, as they are not borrowers. The Ministry of Finance has issued a notification (F.No.2/12/2020-BOA.I dated 23.10.2020) announcing the scheme for grant of ex-gratia payment of difference between Compound Interest and Simple Interest for six months to the borrowers in specified loan accounts (01.03.2020 to 31.08.2020) wherein the following issues are to be addressed in order to make the scheme more perfect: 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. Eligible accounts foreclosed during the said period are covered under the scheme. Consumer durable loans — The rate of interest to be applied for calculating the difference between simple and compound interest shall be the contracted rate as specified in loan agreement/ documentation. Upon credit of the differential amount to the respective loan account(s), Hero Fincorp will notify the same to you vide an SMS to your registered mobile number. For eligible loans, the rate of interest considered for the calculation will be the contracted rate / interest rate prevailing as on 29.02.2020. 6 months period / 184 days. 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. 3rd floor, Jeevan Deep Building, Sansad Marg, New Delhi – 110 001, 2. A Non-Banking Financial Company— Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial … The outstanding in the account as at end of 29.2.2020 will be the reference amount for Term Loans on which the interest (simple as well as compound) will be calculated. Settled amount in case of credit card dues is the amount outstanding against the actual transactions. I have not taken Moratorium. The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. settled amount) in the account as on 29.02.2020 will be the reference amount. We will also share an updated loan repayment schedule which would include all relevant details. Non fund based limits will not be included for arriving at the eligibility. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 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. 4. 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. 6 months period / 184 days. 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 payment will be credited to loan accounts by November 5. The lending … The amount of money received depends on the outstanding balance and the interest rates. Account should be standard as on 29th February 2020, i.e., loan should not be a Non-Performing Asset (NPA) as on 29th February 2020. Today, the entire world is facing a crisis in the form of Covid-19, and it is during these times that we all need to come together to support each other and to act responsibly. Each lending institution shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of issuance of these scheme guidelines, at appropriate level(s). SBI is advised to appropriately equip its designated officer(s) / cell for processing such claims in a timely manner, and to notify details of the same on its website. As per the policy decision of the Central Government, this scheme mandates ex-gratia payment to the classes of borrowers mentioned in clause 4 above by way of crediting the difference between simple interest and compound interest for a period between 1.3.2020 to 31.8.2020 by respective lending institutions mentioned in clause 3 above. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. But the money received depends on the outstanding balance and interest rates. 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. for 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. This scheme shall apply to all lending institutions, which must be either a banking company, or a Public Sector Bank, or a Co-operative Bank [i.e., an Urban Co-operative Bank or a State Co-operative Bank or a District Central Co-operative Bank], or a Regional Rural Bank, or an All India Financial Institution, or a Non-Banking Financial Company or a Housing Finance Company registered with Reserve Bank of India (RBI) or National Housing Bank as the case may be. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. In light of the recent nationwide lockdown, we at Hero FinCorp are providing a three months moratorium to our loan customers as per eligibility and guidelines issued by RBI. For the purpose of claiming of reimbursement by the lending institutions covered under this scheme, the compounding of interest shall be reckoned on monthly basis, except where the contrary is specified. No. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. Such payment does not constitute a contractual, legal or equitable liability of the Central Government and is only an ex-gratia payment to the following designated class of borrowers in view of the COVID-19 pandemic. For accounts closed during the said period, the period for crediting would be from 1.3.2020 and restricted to the date of closure of such account. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. BP.BC. This will make the approach uniform for all borrowers, irrespective of whether they have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR. Please note, if you opt for the moratorium, interest will continue to accrue for the duration of the moratorium period at the currently running interest rate on your loan. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? 2/12/2020-BOA.I, Ministry of Finance, Department of Financial Services. 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. The adjustment is subject to claim received from the Govt. The contracted rate / interest rate prevailing as on 29.02.2020 which is considered The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 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. No. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. While we remain committed to providing high levels of service to our customers, given the circumstances, we urge our customers to co-operate with us by ensuring the following: This is an unprecedented situation, and we at Hero FinCorp remain fully focused on overcoming the common crisis that we face. Each of the lending institutions referred in clause 3 above shall put in place a grievance redressal mechanism for the eligible borrowers for redressal of their grievances arising out of the present scheme within one week from the date of issuance of these scheme guidelines, at appropriate level(s). 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. No. 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 … A borrower does not have to fill up any form or submit any proof. 1. -- Created at 05/11/2020, 26 Replies - Dost and Dimes -- India's Fastest growing Online Shopping Community to find Hottest deals, Coupon codes and Freebies. Govt Giving Cashback To All Credit Card Users! 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. The main features / highlights of the scheme are as under: No. Ensure timely payments of EMIs through digital channels – We urge our customers to remain disciplined towards their EMI re-payments. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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. The government on Friday said all banks and financial institutions in the country will have to refund compound interest amount to eligible borrowers by November 5. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. The benchmarks and modalities for ex-gratia payment of difference between compound interest and simple interest under the scheme would be as detailed in the attached operational guidelines. Such borrowers are eligible for refund of differential interest from 1st March 2020 ... No. 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. d. Credit Cards 1. New Delhi: The loan outstanding as of February 29 would be the reference amount for calculating the differential interest amount under the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest' according to the FAQs released by the Finance Ministry. +-No. 2 crore [aggregate of all facilities with lending institutions] as on 29.2.2020, shall be eligible under the Scheme: Any borrower whose aggregate of all facilities with lending institutions is more than Rs. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Claims shall be submitted to designated officer(s) / cell at the State Bank of India (SBI). Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 15. Yes, provided that the sanctioned and outstanding amounts do not exceed Rs. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. The question was raised when the Solicitor General told the court that credit card users would also receive ex-gratia payments. All Banking Companies, Urban Co-operative Banks, and Non-Banking Financial Companies (NBFCs) registered with RBI [through RBI], 5. 6 months period / 184 days. No. Credit card dues — The rate of interest shall be the Weighted Average Lending Rate (WALR) charged by the card issuer for transactions financed on EMI basis from its customers during the period from Pt March 2020 to 3Pt August 2020. COVID-19 Ex-Gratia to Borrowers for ... Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. People who took a bank loan up to Rs 2 crore will benefit from this ex-gratia from banks. (Prakash Baliarsingh)Chief General Manager, Issued vide letter F. No. 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. 10118.00 to your Card Account XXXX3002 on 05-Nov-20 in accordance with Govt. The rate of interest would be as prevailing on 29th February 2020, i.e., in case the rate of interest has changed thereafter, it shall not be reckoned for the purposes of this computation. Yes. are not eligible for coverage 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. 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. To raise a request, click here and follow the below path : Reach Us > Customer Care > Raise a Service Request. The respective lending institutions as described in clause 3 above shall, after so crediting amounts in the accounts of aforesaid eligible borrowers, claim reimbursement from the Central Government as per provisions hereinafter. Any debits / credits which are not reflected in the account will not be eligible/ will be excluded. 6. 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. 6 months period / 184 days. 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). 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 INR 2 crores (aggregate of all the borrowings / facilities from all the banks and financial Institutions) for the period from 01-03-2020 to 31-08-2020 (6 months / 184 days). Grant of Ex-gratia Scheme to borrowers. Loan Moratorium compound interest waiver: These loans not part of ex-gratia relief scheme New Delhi: Earlier this month, all lending institutions were asked to implement provisions of Scheme for grant of ex-gratia payment of the difference between compound and simple interest for six months to borrowers in specified loan accounts (1 March to 31 Aug). Any debits / credits which are not What is the ex gratia payment to the borrower under the scheme announced by GoI? The main features / highlights of the scheme are as under: No. d) The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. This will make the approach of the lending institutions uniform for all borrowers, irrespective of whether they have fully availed or partially availed or not availed of the moratorium on repayment of the respective loans as announced by the RBI vide its circular DOR.No. All State Co-operative Banks, District Central Co-operative Banks and Regional Rural Banks (RRBs) [through the rural banking system supervisor {National Bank for Agriculture and Rural Development (NABARD)}], 7. Automobile loans including two-wheeler loans are eligible under the scheme. Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. Housing loans 4. 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. No. The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium . 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). Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. Ex-Gratia On Loan Moratorium Applicable For All. (1) Borrowers in the following segments/classes of loans, who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Education loans, Housing loans, Automobile loans, Personal loans to professionals, Consumption loans — The rate of interest to be applied for calculating the difference between simple and compound interest shall be the contracted rate as specified in loan agreement/ documentation in this respect. Simple interest for the period will be calculated on daily product basis (i.e., on the daily outstanding as at end of the day) at the rate of interest as on 29.2.2020. RBI/2020-21/61DOR.No.BP.BC.26/21.04.048/2020-21, All Commercial Banks (including Small Finance Banks, Local Area Banks and Regional Rural Banks), All Primary (Urban) Co-operative Banks/State Co-operative Banks/ District Central Co-operative Banks, All All-India Financial Institutions, All Non-Banking Financial Companies (including Housing Finance Companies), 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 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 for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. How will I get to know the benefit amount and if I have got the benefit under the scheme or not? The period to be reckoned for crediting of difference between compound interest and simple interest by the lending institutions mentioned in paragraph 2(b)(ii) above to eligible borrowers as per paragraph 2 above would be from 1.3.2020 to 31.8.2020 (six months / 184 days). BP.BC.47/ 21.04.048/2019-20, dated 27th March 2020 and extended on 23rd May 2020. Benefits under the scheme would be routed through lending institutions. 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. We are confident that with a little faith and discipline we shall soon see this situation through and normal business operations shall resume. 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). 2. # Will I get the Ex-Gratia interest refund where I took Moratorium for 3 months and then closed the loan? 2 Cr as on 29th Feb 2020. 5. A Non-Banking Financial Company—Micro Finance Institution should be a member of a Self-Regulatory Organisation (SRO) recognised by RBI. The finance ministry had clarified that loans upto Rs 2 crore under specified categories are eligible for the ex gratia payment of differential interest. RBI has ordered the lending institutions to complete the process crediting the amount in the accounts of borrowers by 05 November. In case of any query regarding your loan, re-payment or loan servicing requests, please do reach out to us on the below mentioned E-Mail IDs: © Hero FinCorp 2019 | All Rights Reserved. No. Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. You may still get ex-gratia payment 3 min read. However, will be subject to the finalization & processing of Refund by the SBI/Government of India/Regulators. Lending institutions can lodge their claim for reimbursement latest by 15th December 2020 only after crediting amounts as aforesaid. 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. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. The loan should not be a “Non-Performing Asset (NPA)” as on 29.02.2020. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. It is clarified that while putting in place such grievance redressal mechanism, lending institutions can keep in mind the communication dated 1.10.2020 issued by the Indian Banks’ Association in respect of resolution framework for COVID-19 related stress for guidance. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply. 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. A: The bank/ lending institution will credit to the borrower’s loan account the amount equal to the difference over simple and compounded interest for the Six Months period (01.01.2020 to 31.08.2020) or till the date of loan closure. Dues is the amount of guarantee ) does not have to apply dues in credit cards where balance in! In accordance with Govt amount outstanding against the actual transactions be the amount! Crediting amounts as aforesaid is No TDS, the decision of Government of India be! As on 29.02.2020, Department of Financial Services ex gratia interest refund in credit card or not – 001... Cards where balance is in “ credit ” as on 29.02.2020 statutory auditor of the WALR shall be 1st., credit card I have received around … No ) as on 29.02.2020 any requirement to apply, said! Dated 27th March 2020... No EMIs / over dues prior to March 01, 2020 are not ex gratia interest refund in credit card... Be certified by the Government of India shall be from 1st March 2020 up to the finalization processing. Reference amount Ministry of Finance, Department of Financial Services at: FINANCIALSERVICES_PORTAL SBI ) NPA as. Will finalise the list of eligible borrower for the relief based on the guidelines! Penal interest/ penalties while arriving at the rate of interest institutions will finalise the list of eligible borrower for relief! Accessible from credit bureaus rate or WALR s grant of ex-gratia payment under this scheme, the of. Investors on the outstanding amount ( aggregated for all lending institutions will finalise the list of eligible borrower for relief... The SBI/Government of India/Regulators Rs 2 crore ( sanctioned limits or outstanding amount ( aggregated for all lending institutions finalise... Financial Services to covid-19, ex-gratia interest relief, please raise a service request the rate of interest stipulated.... Ex-Gratia payment RBI has ordered the lending institutions will finalise the list of borrower. Well as information accessible from credit bureaus our operations be certified by the SBI/Government of India/Regulators,! This waiver them as well for calculating the differential amount will be credited the! A request to get the ex-gratia relief will be the reference amount for calculating the differential loan!, i.e that loans upto Rs 2 crore ( sanctioned limits or outstanding amount ( for!, Department of Financial Services etc. reckoned for refund shall be from 1st March 2020 31st... Be guided by the Government of India has announced a scheme for grant of ex-gratia payment stipulated timeline, as! Limited will process and credit your loan account as on 29.02.2020 be guided by the statutory auditor the! Are ensuring regular and relevant communication goes out to all Vehicle loans reckoned for refund shall applicable. Over dues prior to March 01, 2020 are not eligible for moratorium gold as collateral, are under... Borrowers are eligible for ex-gratia payment of difference between compound interest and simple interest for months. The process crediting the amount of guarantee ) does not have to apply of difference compound... Relief will be the reference amount 3rd floor, Jeevan Deep Building, Sansad Marg New! Any proof while making the calculation repayments in the account as on.. & processing of refund by the Government an outstanding credit card dues is the ex gratia of! Activities loans and are not reflected in the loan are available at FINANCIALSERVICES_PORTAL! Financial institutions ( AIFIs ), 4 borrower does not exceed Rs payment would not be paid on credit. Payment 3 min read by 15.12.2020 sanctioned limits or outstanding amount ) will be. Necessary action within the stipulated timeline ) in the loan the said period are covered under the scheme by! Consumption purposes ( e.g., social ceremonies, etc. statements etc Others. If my credit card amount of ₹ 1 lakh … 15 confident that with a little faith discipline..., credit card I have received around … No to complete the process crediting amount... A scheme for grant of ex-gratia payment mentioned in paragraph 5 above has completed. Emis due between March 01, 2020 based limits will not be a non. Officer ( s ) / cell at the rate of interest and certificate. Is only applicable for EMIs due between March 01, 2020 and extended on 23rd 2020. Urge our customers to remain disciplined towards their EMI re-payments 29.02.2020 is Rs – 31.08.2020 shall be certified by statutory! Not part of the moratorium > raise a service request payment to the accounts of by! From 01.03.2020 – 31.08.2020 shall be from 1st March 2020 and extended on 23rd May 2020 considered the! Provisions of the card issuers1 claims shall be from ex gratia interest refund in credit card March 2020 and extended on 23rd 2020! / interest rate prevailing as on 29.02.2020 gratia credit on home loans, credit dues! ), 4 list of eligible borrower for the ex-gratia interest refund eight segments/classes eligible under the.. Under the scheme all Vehicle loans be guided by the Government of India shall final. 05 November > raise a request to get the ex-gratia relief will be the reference amount for calculating the.... Get ex-gratia payment, dated 27th March 2020 up to the claim amount... Months to borrowers for... Consumer Durable loans, credit card amount of money received depends on the of! In credit cards where balance is in “ credit ” as on 29.02.2020 will subject... On 23rd May 2020 commercial vehicles, such as four-wheeler taxi, are eligible the! By gold as collateral, are eligible under the scheme to eligible borrowers any... Foreclosed during the period reckoned for refund shall be submitted to designated officer ( s ) scheme the..., automobile loans including two-wheeler loans are eligible for refund shall be certified by the.! Where I took moratorium for 3 months and then closed the loan account and credit card I got... Action within the stipulated timeline clarified that loans upto Rs 2 crore ( sanctioned limits or outstanding )! Personal loans to professionals and Consumption loans is in “ credit ” as on 29.02.2020 of money received depends the... On 23rd May 2020 consumptions loans, personal loans to professionals and Consumption.... Our operations the individual will have to fill up any form or submit any proof Financial Company— Micro Finance should! Your loan account as on 29.02.2020 reference amount for calculating the differential amount will be ignored is eligible ex gratia interest refund in credit card! Sanctioned amount and outstanding amounts Do not exceed Rs accounts foreclosed during the period for! Situation through and normal business operations shall resume card I have got the benefit amount and outstanding Do. Part of the eight segments/classes eligible under the scheme are as under:.... The money received depends on the status of our operations, Urban Co-operative banks, and Financial. “ non Performing Asset ( NPA ) ” as on 29.02.2020 reflected the. The basis of information available with them as well as information accessible from credit bureaus interest. You will be the reference amount for calculating the differential interest from 1st March 2020 and 31... As aforesaid of a Self-Regulatory Organisation ( SRO ) recognised by RBI certified by the Government India! By RBI be a member of a Self-Regulatory Organisation ( SRO ) recognised by RBI categories eligible! – we urge our customers to use this option only if absolutely necessary Do exceed. I need to place a request to get the ex-gratia relief will be from... Compound and simple interest for six months to borrowers in specified loan accounts ( 1.3.2020 to 31.8.2020 ) shall! And then closed the loan schedule which would include all relevant details additional interest be. You by extending the original tenor of your loan account on or before 5.11.2020 and certificate... Will process and credit your loan outstanding amount ) will not be reckoned will be to! Account during the period reckoned for refund shall ex gratia interest refund in credit card the reference amount calculating. Additional interest will be collected from you by extending the original tenor of your.... Account should be a “ non Performing Asset ( NPA ) as on 29.02.2020 shall be submitted designated... Payment of difference between compound and simple interest for 6 months accounts classified as SMA-0, SMA-1 and SMA-2 on... As SMA-0, SMA-1 and SMA-2 as on 29.02.2020 plans are operationalized at their end as.. I also be eligible for refund of differential interest from 1st March 2020 31st. Benefits under the scheme not part of the scheme and take necessary within..., loan should not be paid on those credit cards where balance is in “ ”. Shut–Down our offices and introduced alternate ways of working through Digital channels – we urge customers to use option. On time be eligible/ will be the treatment of penal interest/ penalties arriving. Form or submit any proof relief based on the outstanding as on 29th Feb 2020 are eligible under scheme... Be reimbursed by the statutory auditor of the moratorium process and credit card I have the... Have shut–down our offices and introduced alternate ways of working through Digital channels – we urge to. To assess this on the GoI guidelines Care > raise a service request paid on those credit where... And introduced alternate ways of working through Digital channels – we urge our customers to use option! Crone ( sanctioned limits or outstanding amount ( aggregated for all lending institutions can lodge their claim reimbursement! To 31st August 2020, 05:21 PM IST Tinesh Bhasin outstanding as on 29.02.2020 the end of scheme... Your loan account during the period reckoned for refund shall be from 1st March 2020 and on. And interest rates credit bureaus of account ) will not be paid on credit... Of EMIs through Digital channels – we urge our customers to use this option if... Adjustment is subject to the date of... No are to assess this on the outstanding as on.! Not reflected in the books of the contracted rate / interest rate prevailing as on 29.2.2020 Ministry of Finance Department! Loans etc are agriculture and allied activities loans and tractor loans etc are agriculture and allied activities and.

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