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. The government directed the banks to convey that in view of the COVID-19 situation. Who is Eligible for the Ex-gratia Payment Scheme? 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. What is an Ex â Gratia Relief Scheme? 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). Here are the basic criteria to qualify for the waiver under this 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. What is the ex gratia payment to the borrower under the scheme announced by Government of India? Loans for consumption purposes (e.g., social ceremonies, etc.) The account should be classified as âStandardâ as on Feb 29, 2020. 1. Everything About the Ex-gratia Relief Provided by the Government of India. The Government of India has announced a scheme for grant of ex-gratia payment. Is the loan eligible for ex-gratia payment under the scheme? 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). Everything About the Ex-gratia Relief Provided by the Government ⦠Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. What is the ex gratia payment to the borrower under the scheme announced by Government of India (GOI)? 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. However, the loan will entail the simple interest charged during this period. FAQs for scheme of Ex gratia payment to borrowers for difference in interest. Q1. Yes. About the Scheme: Ex-Gratia Payment . Grant of Ex-gratia Scheme to borrowers. 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. Submitted by admin on Tue, 10/27/2020 - 19:25. Scheme for grant of ex-gratia payment of interest differentials for six months. Ex-Gratia Payment Scheme. The bank/ lending institution will provide ex gratia payment to the eligible borrowerâs loan account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. This is between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Scheme for Grant of Ex-gratia Payment. Be given as a result of this scheme interest and simple interest, which is the loan for. Is the loan will entail the simple interest for six months to borrowers in specified accounts... 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