ex gratia interest refund hdfc credit card

Also Read - UCO Bank Releases SO Admit Card 2020 at … We, however, have a request. 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. a loan should not be a Non-Performing Asset (NPA). 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 … Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. The period to be reckoned for crediting of difference between compound interest and simple interest … 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 … Last Updated at October 28, 2020 10:06 IST. 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. Ladakh LAC standoff: India Army has created catch-22 situation for the Chinese, says an expert, Indian Railways creates new record with longest-ever 2.8 km long ‘SheshNaag’ train; Watch video. Financial Express is now on Telegram. The government’s scheme applies to housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans. 2 crore are eligible. Credit card interest waiver In the case of credit card dues, the interest rate will be the weighted average lending rate (WALR) charged. 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). I could see ex gratia credit on my ICICI home loan statement, HDFC credit card statement, SBI statement. Enjoy Reading! Introduction. We believe in free, fair and credible journalism. Topics Object of the scheme . Credit card dues6. 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. Check eligibility calculation of interest, Invest in Sovereign Gold Bond Scheme 2020-21 (Series X) from January 11 – Check issue price, online offer, Central Government Employee? 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. What is the ex gratia payment to the borrower under the scheme announced by GoI? Personal loans to professionals8. Personal loans to professionals 8. Aditya Puri hands over charge, Jagdishan takes over as HDFC Bank MD & CEO. Modi govt makes these rule changes to help you claim LTC benefits, Why credit cards could be your best friend during challenging times, Sun Pharmaceutical Industries Share Price, This website follows the DNPA’s code of conduct. I have not taken Moratorium. Abhijit Lele | Mumbai Last Updated at October 26, 2020 18:07 IST. In cases where no interest is being charged on Equated Monthly Instalments (EMI) for a specified period, for the purpose of ex-gratia payment, interest may be applied at the lender’s base rate / Marginal Cost of funds based Lending Rate (MCLR) whichever is applicable. Will I also be eligible for Ex-Gratia interest refund? 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 compound interest works out to a very small amount. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Credit card refund rules mean, purchases are protected by law - the Consumer Credit Act 1974 gives credit card protection on your purchases over £100. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. 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. Automobile loans7. Last Friday, the government had announced the scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts. Business Standard is happy to inform you of the launch of "Business Standard Premium Services". Kindly visit the Manage my subscription page to discover the benefits of this programme. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. 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. Only those borrowers who have loan accounts having sanctioned limits and outstanding amount of not exceeding Rs. Q11. Education loans3. Earlier this month, in the matter of interest relief to borrowers during the moratorium, the Centre had promised to make good the interest on interest. Team Business Standard. In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of the difference between compound interest and simple interest by way of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. # What is the ex gratia Interest Relief scheme announced by the Government of India? 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. Cards ; will IPO bull run continue in 2021: LIC, IRFC, Zomato, public. Account as on February 29, 2020 18:07 IST sourced starting 01-11- 2020 i.e... The exercise of crediting the amount in the account as on 29.2.2020, shall be eligible for Ex-Gratia refund! The accounts of borrowers by the end of the moratorium page to discover the benefits this... 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