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. Topics The eligibility will only for the following segments/classes of loans: 1. Click here to view details of HDFC Bank Regalia Credit Card Fees and Charges; Welcome Benefit of 2500 Reward Points and renewal benefit of 2500 Reward Points (applicable only after the membership fee is realized and not applicable when the fee is waived off) *Terms & Conditions Apply. MSME loans2. Also Read - UCO Bank Releases SO Admit Card 2020 at … NOTE: For card sourced starting 01-11- 2020, Below T&Cs are applicable 1. We, however, have a request. Modi govt makes these changes to help you claim LTC benefits, DMart’s Q3 profit jumps 16% YoY amid surge in festive shopping; Ebitda margin improves to 9.1%, Invest in Sovereign Gold Bond Scheme 2020-21 (Series X) from January 11 - Check issue price, online offer, Bird Flu LIVE: Delhi bans import of live birds, Ghazipur poultry market shut down for 10 days, COVID Vaccine Diplomacy! Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. The government on Tuesday evening issued ‘frequently asked questions’ on its scheme to refund the compound interest on loans by borrowers, during the loan moratorium period from March-August, 2020, following an ongoing petition in the Supreme Court. No Interest Rebate on Credit Card During the hearing in the Supreme Court, Tushar Mehta, who is appearing for the Central Government, said that the credit card user will also get ‘Ex-Gratia’. 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 … 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 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. Consumer durable loans5. 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. 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 1st March 2020 to 31st August 2020. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". 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. Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? Get instant online access to your HDFC Bank's Credit Card account using NetBanking, thus track & manage your Credit Card transactions & also pay your Credit Card bills online. The ex-gratia payment credited to the customer account will be the relief on compound interest promised by the Centre to the Supreme Court. # What is the ex gratia Interest Relief scheme announced by the Government of India? Credit card refund rules mean, purchases are protected by law - the Consumer Credit Act 1974 gives credit card protection on your purchases over £100. For cash credit or overdraft, the rate of interest will be the rate of interest prevailing as on February 29, 2020, * The rate of interest for credit cards for the purpose of refund will be the Weighted Average Lending Rate (WALR) charged by the card issuers for transactions financed on EMI basis from its customers during the period from 1st March 2020 to August 31, 2020, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. While making the calculation, repayments in the loan account during the period to be reckoned will be ignored. For cash credit or overdraft, the rate of interest will be the rate of interest prevailing as on February 29, 2020 * The rate of interest for credit cards for the purpose of refund will be the Weighted Average Lending Rate (WALR) charged by the card issuers for transactions financed on EMI basis from its customers during the period from 1st March 2020 to August 31, 2020 I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. 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, *For MSME loans, in case of term or demand loans, 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. … Join Date: Oct 2004. Personal loans to professionals 8. Support quality journalism and subscribe to Business Standard. 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. Further, the loan account should be standard as on February 29, 2020, i.e. The government’s scheme applies to housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans. 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 … Last Updated at October 28, 2020 10:06 IST. Click here to join our channel and stay updated with the latest Biz news and updates. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Credit card dues6. Consumption loans. a loan should not be a Non-Performing Asset (NPA). As a premium subscriber you get an across device unfettered access to a range of services which include: Welcome to the premium services of Business Standard brought to you courtesy FIS. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. 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). As Education loans, Housing loans, Consumer Durable loans, Credit card dues, Auto Loans, Personal loans and Consumption loans are loans that are in the form of a Term Loan / Demand Loan and not a Cash Credit or an Overdraft facility, the outstanding in the account as at the 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. The same is applicable to those who surrendered their cards or repaid loans after 29 February. 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. 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, due for repayment during this period. The Top Court, Hon’ble Supreme Court is hearing a batch of petitions that raised issues concerning the six months loan moratorium period announced due to the COVID-19 pandemic. 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 lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by … We believe in free, fair and credible journalism. settled amount) in the account as on 29.02.2020 will be the reference amount. Education loans3. India to become world's Corona vaccine hub, ready to supply vaccines across the globe, India ushering in rapid structural reforms to become USD 5 trn economy by 2025: Goyal, Smart manufacturing for MSMEs: How small businesses can overcome barriers to Industry 4.0 adoption, Bitcoin bull run continues as price soars nearly 4X in 3 months; market cap crosses $730B mark, Copyright © Credit card interest waiver In the case of credit card dues, the interest rate will be the weighted average lending rate (WALR) charged. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Team Business Standard. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Govt's ex-gratia payment of interest on interest to cover 75% borrowers The tab that the government will pick-up for such concession is estimated at about Rs 7,500 crore, according to CRISIL's analysis. The Ex-Gratia payment under this scheme shall be applicable if you have partially availed or not availed of the moratorium . Even partly-disbursed loans will be covered under the scheme. When I called the customer care, they didnt have a clue. The compound interest works out to a very small amount. Credit card dues will also be eligible, the government said.document.write("");googletag.cmd.push(function(){googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop','div-gpt-ad-1490771277198-0').addService(googletag.pubads());googletag.pubads().enableSyncRendering();googletag.enableServices();}); Here are a few key highlights of the scheme: *All loan accounts with sanctioned limits and outstanding not exceeding Rs 2 crore as on 29.02.2020 will be eligible, *The eligibility limit of Rs 2 crore as borrowed sum has to be an aggregate loan taken from the banking system, *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, *Loan accounts should be standard in the books of the lending institutions as of 29.02.2020 i.e. How to improve our offering have only made our resolve and commitment these. 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