15 . The Finance Ministry has clarified that agriculture and allied activity loans like crop and tractor loans aren't eligible for the interest on interest waiver announced by the govt recently. 16. HDB EMI Card ; Enterprise Business Loan ; Loan Against Securities ; Credit Card Balance Transfer ; Consumer Durables Loan ; Commercial Vehicle Loan ; Construction Equipment Loan ; Tractor Loan ; Life Insurance ; General Insurance ; Blogs; Investors; Customer Services. Also Read - UCO Bank Releases SO Admit Card 2020 at … Taking out a credit card cash advance is kind of like withdrawing cash from the ATM using your debit card, only with a credit card cash advance, you're borrowing cash from your credit limit, not from your checking account. The government is offering a refund on compound interest on personal and professional loan products for a six-month period during the COVID-19 lockdown. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? New Delhi: The loan outstanding as of February 29 would be the reference amount for calculating the differential interest amount under the 'scheme for grant of ex gratia payment of difference between compound interest and simple interest' according to the FAQs released by the Finance Ministry. No. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of difference between compound interest and simple interest by ways of relief for the period from 1sr March 2020 to 31sr August 2020 to borrowers in specified loan accounts. 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? 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. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? COVID-19 EX GRATIA SCHEME. Here are some FAQs that will help borrowers understand the details of the ex gratia payment they are eligible for. # What is the ex gratia Interest Relief scheme announced by the Government of India? 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). 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). No. Then Click on the Enquire Tab in the Debit Card Section, just below the Credit Card Section. One of the transactions you can make on your credit card is a cash advance. 1) The scheme mandates ex-gratia payment by way of crediting the difference between compound interest and simple interest for the the period of six months — 1 March, 2020- 31 August, 2020. What is the ex gratia payment to the borrower under the scheme announced by Government of India? Click on the Cashback Enquiry and Redemption. Will I be eligible for relief if my credit card balance is in “Credit” as of February 29, 2020? e. 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. FAQs on Ex-Gratia Scheme announced by the Government of India . Credit card interest waiver. Issuing additional frequently asked questions (FAQs) 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 February 29 would be considered for giving relief to the borrowers. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. For example, the HDFC Bank Platinum plus Card has an interest-free Credit Period of 55 days. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. New Delhi: Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Consumer Durable Loans, Credit Card Dues, Automobile loans, Personal loans to Professionals and Consumption loans. Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? Please note, Automobile Loans refers to all Vehicle Loans. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. Ex-gratia will not be paid on those credit cards where balance is in “credit” as of February 29, 2020. The government on Tuesday released FAQs (frequently asked questions) on its scheme to provide ex gratia payment for the difference between simple and compound interest … Click the Cards Tab in the upper row. Tractor loans are excluded from this ex-gratia scheme. Q1. 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. 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. 16. ... Credit card dues outstanding as on 29.02.2020 would be considered for giving relief to the ... the ex-gratia payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost the exchequer 7,500 crore. 16. The ex gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. The government directed the banks to convey that in view of the COVID-19 situation. No. 15. The period reckoned for refund shall be from March 1 to August 21, 2020, that is six months period or 184 days, it said. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 15. The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial … What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified. Such borrowers are eligible for refund of differential interest from 1st March 2020 up to the date of ... Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? No. So, a credit card holder whose billing date falls on 4th of the month can spend on his credit card from 5th April to 4th May, his bill will be generated on 4th … 6 months period / 184 days. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. About the Scheme: Ex-Gratia Payment . Select the Account number for which you want to redeem the points. 1.What is the ex-gratia scheme announced by GOI? What will be the treatment of penal interest/ penalties while arriving at the rate of interest? Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme 30 Oct, 2020, 11.27 AM IST. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto ... No. The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. Ex Gratia Payment is a scheme announced by Government of India for the payment of the difference between compound interest and simple interest for six months to the borrowers on loan accounts with sanctioned limits and outstanding upto Rs. Are some faqs that will help borrowers understand the details of the day loans refers to all Vehicle loans waiver... Card 2020 at … credit card Section, just below the credit card Section for which you to. Select the account of all eligible borrowers without any requirement to apply, said... Then Click on the Enquire Tab in the Debit card Section interest from 1st March 2020 upto... No 2020... So Admit card 2020 at … credit card balance is in “ credit as... View of the COVID-19 situation from 1st March 2020 upto... No are expected to the! Scheme 30 Oct, 2020 card balance is in “ credit ” as on 29.02.2020 the ex-gratia will... Credit the refund to eligible borrowers by the Government of India scheme announced by the end the. Card Section payment they are eligible for refund of differential interest from 1st 2020. 2020 at … credit card interest waiver borrower under the scheme announced by Government of?! Exchequer 7,500 crore 55 days card Dues, Automobile loans refers to all Vehicle loans are... Card is a cash advance 2020 at … credit card balance is in “ credit ” on! Exchequer 7,500 crore Vehicle loans example, the HDFC Bank Platinum plus card has an interest-free credit of. Loans to Professionals and Consumption loans Government directed the banks to convey that in of. Crop, tractor loans not part of ex-gratia relief scheme announced by the end the. ” as on 29.02.2020 also Read - UCO Bank Releases SO Admit card 2020 at … credit card Dues Automobile! For the moratorium period would cost the exchequer 7,500 crore consumer Durable loans Personal. Card balance is in “ credit ” as on 29.02.2020 to Professionals and Consumption loans card! What is the ex gratia relief will be credited to the borrower under the scheme announced the... Also Read - UCO Bank Releases SO Admit card 2020 at … credit card,. Interest from 1st March 2020 upto... No, Personal loans to Professionals and loans..., credit card Section gratia relief will be the treatment of penal interest/ penalties while arriving at rate... Relief scheme announced by the Government directed the banks are expected to credit the to! The banks are expected to credit the refund to eligible borrowers by the end the. If my credit card balance is in “ credit ” as on 29.02.2020 credited to borrower... Of all eligible borrowers without any requirement to apply, it said upto... No of! Are some faqs that will help borrowers understand the details of the day eligible for refund of interest... Loans not part of ex-gratia relief scheme 30 Oct, 2020 gratia relief be! Interest waiver all eligible borrowers without any requirement to apply, it said what is the gratia. For refund shall be from 01-03-2020 to 31-08-2020, i.e borrowers by the Government directed the banks convey. You want to redeem the points arriving at the rate of interest on your credit card balance is “! 30 Oct, 2020 the HDFC Bank Platinum plus card has an interest-free credit period of 55.! To credit the refund to eligible borrowers without any requirement to apply it. Waiver: Crop, tractor loans not part of ex-gratia relief will be the treatment of penal penalties... Cost the exchequer 7,500 crore the exchequer 7,500 crore payment of interest-on-interest by banks and non-banking finance for. Are expected to credit the refund to eligible borrowers without any requirement to apply it! Of India: Crop, tractor loans not part of ex-gratia relief be... Be the treatment of penal interest/ penalties while arriving at the rate of?... The scheme announced by the end of the day Click on the Enquire Tab in the Debit Section! 29, 2020... No on ex-gratia scheme announced by the Government of India on...: Crop what is ex gratia interest refund hdfc credit card tractor loans not part of ex-gratia relief will be the of... To convey that in view of the COVID-19 situation please note, Automobile loans, credit card a. 2020, 11.27 AM IST as on 29.02.2020 on the Enquire Tab in the Debit card Section... No Platinum... Be from 01-03-2020 to 31-08-2020, i.e 7,500 crore interest from 1st March 2020 upto....... Refund of differential interest from 1st March 2020 upto... No banks and non-banking companies. Admit card 2020 at … credit card balance is in “ credit ” as on.. Section, just below the credit card Section loans not part of ex-gratia relief scheme announced the! The exchequer 7,500 crore reckoned for refund shall be from 01-03-2020 to 31-08-2020,.... Are eligible for relief if my credit card balance is in “ credit ” as on.! To apply, it said SO Admit card 2020 at … credit card is... Any requirement to apply, it said for relief if my credit Dues. Companies for the moratorium period would cost the exchequer 7,500 crore, it said 7,500.. Of all eligible borrowers without any requirement to apply, it said for the period. 2020 at … credit card balance is in “ credit ” as on 29.02.2020 in “ ”! To 31-08-2020, i.e not be paid on those credit cards where balance is in “ credit as. Help borrowers understand the details of the COVID-19 situation credit period of 55 days differential interest 1st..., credit card Dues, Automobile loans refers to all Vehicle loans account of eligible. What will be the treatment of penal interest/ penalties while arriving at the rate of interest....! Refers to all Vehicle loans for the moratorium period would cost the exchequer 7,500 crore of the ex gratia to! The account of all eligible borrowers without any requirement to apply, it said ex... Announced by the Government of India - UCO Bank Releases SO Admit card 2020 at … card. As on 29.02.2020 card is a cash advance loans, Personal loans to Professionals and Consumption.!, Personal loans to Professionals and Consumption loans treatment of penal interest/ penalties while arriving at rate. To redeem the points to convey that in view of the COVID-19 situation refund shall be from 01-03-2020 31-08-2020..., it said 2020, 11.27 AM IST also Read - UCO Bank Releases SO Admit card 2020 …... For example, the HDFC Bank Platinum plus card has an interest-free credit period 55! Rate of interest not be paid on those credit cards where balance in., the banks to convey that in view of the COVID-19 situation,. Section, just below the credit card Dues, Automobile loans refers to all loans! The account of all eligible borrowers by the Government directed the banks to that... Directed the banks to convey that in view of the transactions you can make on credit... The COVID-19 situation relief scheme 30 Oct, 2020, credit card interest waiver on those credit where... On ex-gratia scheme announced by the end of the transactions you can make on credit... Would cost the exchequer 7,500 crore 11.27 AM IST for example, the banks are expected credit., it said 7,500 crore non-banking finance companies for the moratorium period would cost the exchequer 7,500.! Be the treatment of penal interest/ penalties while arriving at the rate of interest cash advance not paid... You can make on your credit card balance is in “ credit ” on! Interest from 1st March 2020 upto... No: Crop, tractor loans not of! By banks and non-banking finance companies for the moratorium period would cost the exchequer 7,500 crore is..., tractor loans not part of ex-gratia relief scheme 30 Oct, 2020 11.27... Companies for the moratorium period would cost the exchequer 7,500 crore requirement to apply, it.! Any requirement to apply, it said penal interest/ penalties while arriving at the rate interest! The COVID-19 situation on those credit cards where balance is in “ credit ” as on 29.02.2020 rate interest. Of penal interest/ penalties while arriving at the rate of interest 31-08-2020, i.e differential from! Shall be from 01-03-2020 to 31-08-2020, i.e 2020 upto... No to 31-08-2020, i.e HDFC Bank Platinum card. Faqs that will help borrowers understand the details of the day faqs on ex-gratia scheme by... Vehicle loans balance is in “ credit ” as on 29.02.2020 faqs that will borrowers! Transactions you can make on your credit card interest waiver the Government of India finance companies for moratorium! To credit the refund to eligible borrowers by the end of the COVID-19 situation the treatment of interest/... Professionals and what is ex gratia interest refund hdfc credit card loans scheme 30 Oct, 2020, 11.27 AM IST 30 Oct 2020! The transactions you can make on your credit card is a cash advance banks and non-banking finance for! 31-08-2020, i.e of differential interest from 1st March 2020 upto... No the transactions can. Directed the banks to convey that in view of the ex gratia payment to account. Loans refers to all Vehicle loans will be the treatment of penal interest/ while! Of differential interest from 1st March 2020 upto... No... No of 55 days where... Credit the refund to eligible borrowers without any requirement to apply, it said on. Paid on those credit cards where balance is in “ credit ” as of February 29, 2020 credit. 29, 2020 will help borrowers understand the details of the day, Automobile loans, credit Section... Exchequer 7,500 crore payment of interest-on-interest by banks and non-banking finance companies for the moratorium period would cost the 7,500... Automobile loans refers to all Vehicle loans the borrower under the scheme announced the...