The 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 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.
There is no need for an application. The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply.
Individual banks/ lending institutions will finalise the list of eligible borrower for the relief based on the guidelines issues by Govt. of India.
We will assess this on the basis of information available with us as well as information accessible from credit bureaus.
Will my Non Fund Based Limits as on 29.02.2020 be included for arriving at the eligibility amount of up to Rs.2 cr.?
Non fund based limits are excluded from the eligibility amount.
The guidelines state that the loan should not be a Non Performing Asset (NPA) as on 29.02.2020.
I have opted for the moratorium facility under the RBI COVID-19 relief package earlier. Would I be eligible for the ex-gratia scheme?
Yes! Irrespective of whether you have availed the moratorium (fully/ partially), you will be eligible for the ex-gratia scheme.
Yes, the scheme includes partly disbursed loans provided that the sanctioned and outstanding amounts do not exceed Rs. 2 Cr. The outstanding as on 29.02.2020 shall be the reference amount for calculating the differential interest amount.
The amount will be credited to your respective loan account(s) directly.
I have closed the loan account/s between 1st March 2020 and 31st August 2020. Will I be eligible to avail the benefit of the scheme and where will the differential amount be credited?
If your account is closed between the said period, you are eligible for refund of differential interest from 1st March, 2020 up to the date of closure of account (not later than 31st August, 2020). You can communicate your bank account details where you want the amount to be credited.
Which Rate of Interest (%) will be considered for calculating the refund amount, i.e. RoI(%) considered at the time of sanction or RoI(%) as on 29th Feb, 2020?
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If you have not received the credit for ex-gratia, kindly grievance redressal form and our team will update you shortly. Click Here
If you have not received the credit for ex-gratia, kindly grievance redressal form and our team will update you shortly. Click here.