ex gratia interest refund hdfc credit card

Enjoy Reading! 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. Last Updated at October 28, 2020 10:06 IST. Education loans3. Any debits/credits, which are not reflected in the account, will not be eligible, *However, loans against fixed deposits [including Foreign Currency Non-Resident (Bank) {(FCNR(B)} account, bonds and other interestbearing instruments], and shares etc., and loans given for investment in financial assets (shares, debentures etc.) MSME loans2. 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. Automobile loans7. Bajaj Finance Limited will provide Ex-Gratia payment to customer’s account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding up to Rs.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). Here are the major questions answered about the grant of ex-gratia payment of the interest of interest, as addressed by the finance ministry: Who is eligible? As soon as the banks and financial institutions complete the process of crediting the interest on interest waiver, they can claim a reimbursement from the government. I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card. Like us on Facebook and follow us on Twitter. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. 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. 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). are not eligible for coverage under the scheme, *The period for refund, on which the difference between compound interest and simple interest on loan accounts will be calculated, will be from March 1, 2020 to August 31, 2020, *Borrowers will not have to apply to their lending institutions and the compound interest refund will be credited into their bank accounts automatically, *Non-fund based limits will not be included for arriving at the eligibility, *Even partly-disbursed loans will be covered under the scheme, *Borrowers, who have closed their bank accounts between March and August 2020, will also be eligible for a refund, which will be calculated till the date of closing of their accounts, *In case a bank account is closed, the borrower has to inform the bank about the same and give alternative bank account details for crediting money, *Banks will assess whether a borrower has aggregate loan facilities of up to Rs 2 crore from the banking system on the basis of information available with them as well as information accessible from credit bureaus, *In case 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 the loan agreements/ documentation applicable as on February 29, 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 the loan agreements/ documentation. 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. Consumption loans. Market HIGHLIGHTS: Sensex ends at record closing high, Nifty near 14,350; Maruti, Tech Mahindra zoom over 5%, Don't have taxable income? I have not taken Moratorium. 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 © And more relevant content clarifications on the scheme institutions have been asked complete! Will IPO bull run continue in 2021: LIC, IRFC, Zomato, other public issues cards. 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