The period reckoned for refund shall be from March 1 to August 21, 2020 that is six months period or 184 days, it said. Automobile loans including two-wheeler loans are eligible under the scheme. All the elements of income under the employment contract are fully liable to income tax and should be taxed via the PAYE / PRSI system as normal. Date 4th November 2020. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020. Lending institutions can lodge their claims for reimbursement latest by 15th Dec 2020 only after crediting amounts. Those who had not availed the moratorium will also get the benefit of the scheme. COVID 19 Ex Gratia to borrowers for difference in interest All the over dues charges and other penal interest shall continue to apply on all borrowers as may be applicable. The said benefit applies to the loans below 2 Cr across the following loan categories. HDFC Ltd is one of India’s leading housing finance companies. 4. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. c. The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans. Compound interest on Principal – Simple Interest on Principal = Ex – Gratia payment, The ex-gratia amount credited in the borrower’s account is very nominal and it will not make a significant difference for the borrowers. Date 3rd November 2020. Lending institutions are to assess this on the basis of information available with them as well as information accessible from credit bureaus. It was supposed to be released by 5th Nov. Whether “partly disbursed loans” are covered under the relief package? the monthly income plan, cumulative and non-cumulative interest plan (quarterly) or annual income plan. 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. Govt Giving Cashback To All Credit Card Users! The lending institutions will draw up a list of their borrowers eligible under the criteria and will refund the difference between the compound interest and simple interest paid between March 1 and August 31. The lending institutions have been asked to complete the exercise of crediting the amount in the accounts of borrowers by November 5. Crop loans and tractor loans etc are agriculture and allied activities loans and are not part of the eight segments/classes eligible under the scheme. No. Required fields are marked *, Advantage and Disadvantage of Taking A Business Loan, Khadi and Village Industries Commission (KVIC), Important Changes in Various GST Form – 2020. Automobile loans including for commercial vehicles, such as four-wheeler taxi, are eligible under the scheme. A salaried employee / self-employed professional had availed of a personal loan from bank which has some amount outstanding as on 29th February 2020. 5. 01.01.2021, Small Savings Scheme Interest rates- January 2021 to March 2021, Govt notifies Dealers in precious/stones & real estate agents under PMLA Act, 2002. Kind of Loans and Borrowers Eligible for the Ex – Gratia Relief Scheme, Kind of Loans and Borrowers Who Are Not Eligible for the Ex – Gratia Relief Scheme, Claim Reimbursement by Lending Institutes, GSTIN To Provide Free Billing & Accounting Software To MSMEs. In this blog, we will know about the scheme for the grant of Ex-Gratia payment in detail. Please help, Your email address will not be published. This scheme shall be called “Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. While we shall continue to serve customers at our offices, in the interest of everyone’s health and safety, kindly visit our offices only in case it is absolutely necessary. Whether borrowers who have opted for deferment of Interest and Instalment under the RBI COVID 19 relief package earlier are eligible to avail the benefit under the above relief? However, as the matter is in the Supreme Court, the government will communicate the decision to the court first. 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). RoI (%) considered at the time of sanction or RoI (%) as on 29.02.2020? A claim should be pre audited by the statutory auditor of the lending institutions and a certificate in this regard shall be attached to the claim. No. Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), COVID 19 Ex Gratia to borrowers for difference in interest : FAQs. Interest-on-interest waiver: Crop, tractor loans not part of ex-gratia relief scheme (Eds: Recasting overnight story) zeebizindia@gmail.com (Zee Business) 3 days ago Under the ex-gratia scheme of government, any loan of up to Rs 2 crore taken before February 29, 2020 will not be charged with compound interest from March 1 to August 31, 2020. 6. … What is the ex gratia payment to the borrower under the scheme announced by GoI? The borrowers shall register his/her grievance through the link available in the lending institutions’ official site or visit the home branch and submit his / her grievance. 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). The compound interest works out to a very small amount. The rate of interest would be as prevailing on 29.2.2020, i.e., in case the rate of interest has changed thereafter, it shall not be reckoned for the purposes of this computation. Loans against securities and fixed deposits from a recognized bank. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. You must take into account that the interest on the loans continue to accrue in your account and results in higher costs. Whether crop loans and other agriculture loans are covered under the scheme? In respect of consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation. 2 crore are eligible. 1. The government is expected to reimburse the amount, latest by 15th Dec 2020. 5. Whether eligible accounts foreclosed during the period of 1.3.2020 to 8.2020 are covered under the scheme? The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme. Here is how individuals can find out if their bank has credited the The statutory redundancy element is income tax free. Whether consumption loans with gold as collateral security are covered under the Scheme? 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