The government directed the banks to convey that in view of the COVID-19 situation. Scheme for grant of ex-gratia payment of interest differentials for six months. 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. Everything About the Ex-gratia Relief Provided by the Government … Q1. 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 is an Ex – Gratia Relief Scheme? Ex-Gratia Payment Scheme. However, the loan will entail the simple interest charged during this period. Grant of Ex-gratia Scheme to borrowers. Submitted by admin on Tue, 10/27/2020 - 19:25. Hero Fincorp Ltd. will provide ex gratia payment to the customers account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Who is Eligible for the Ex-gratia Payment Scheme? What is the ex gratia payment to the borrower under the scheme announced by Government of India? The Government of India has announced a scheme for grant of ex-gratia payment. The Government has communicated the Scheme related to the grant of ex-gratia payment (compound interest -simple interest)borrowers in specified loan accounts from 1/03/2020, to 31/08/2020. 1. Everything About the Ex-gratia Relief Provided by the Government of India. What is the ex gratia payment to the borrower under the scheme announced by Government of India (GOI)? Is the loan eligible for ex-gratia payment under the scheme? are also eligible for coverage under the scheme, besides other specified categories of loans like consumer durables, automobiles, education, credit card dues, housing and personal loans to professionals. Loans for consumption purposes (e.g., social ceremonies, etc.) Yes. Here are the basic criteria to qualify for the waiver under this scheme. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). 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 Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for period upto six months to eligible borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. About the Scheme: Ex-Gratia Payment . FAQs for scheme of Ex gratia payment to borrowers for difference in interest. Scheme for Grant of Ex-gratia Payment. The bank/ lending institution will provide ex gratia payment to the eligible borrower’s loan account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. The account should be classified as “Standard” as on Feb 29, 2020. Months to borrowers in specified loan accounts ( 1.3.2020 to 31.8.2020 ) purposes e.g.... The borrower under the scheme announced by Government of India ( GOI ) has a! 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