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. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 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. No. Brighter days are ahead for some credit card holders who’ve been paying more interest than they need to. EX-GRATIA PAYMENT OF INTEREST FREQUENTLY ASKED QUESTIONS (FAQs) E-Mail: infocare@canarabank.com Nodal Officer: Mr. Shashi Raj Shekhar Phone: 080-22538587 1. Credit card dues are eligible for ex-gratia payment of the difference between simple interest and compound interest for the moratorium period of six months i.e March 1, 2020 till August 31, 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). Interest waiver: Outstanding as of February 29 to be reference for ex gratia relief The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. The waiver of compound interest on loans is meant to benefit the borrowers. Yes. 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) Issuing additional FAQs on the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest', it said credit card … The government had announced on 23.10.2020 the scheme for grant of ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period from 01.03.2020 to 31.08.2020 to borrowers in specified loan accounts.. 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) Ex-gratia payment or waiver of interest on interest Scheme Last week, the Reserve Bank had asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, … Will I also be eligible for Ex-Gratia interest refund? 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). What is the ex gratia payment to the borrower 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 … Know all about it here. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29-02-2020. Up Next Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme Remittances to India to drop by 9% in 2020: World Bank report Heading to … 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. 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. Yes. 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. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to 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). 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. Ex-Gratia On Loan Moratorium Applicable For All At the start of this month, some credit card providers surprised their customers as they credit… Central Government Scheme for grant of Ex-Gratia payment to Borrowers [For difference between compound interest and simple interest for six months in specified loan accounts from 1.3.2020 to 31.8.2020]-Dinesh Agriculture and allied activity loans are not eligible for the interest on interest waiver, the finance ministry has clarified. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be in each of my loan account and credit card i have received around … Issuing additional frequently asked questions on the 'scheme for grant of ex-gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on Feb. 29 would be Will I also be eligible for Ex-Gratia interest refund?