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. d. The period reckoned for refund shall be from 01-03-2020 to 31-08-2020, i.e. Hence, the banks are expected to credit the refund to eligible borrowers by the end of the day. 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). 16. Ex-gratia will not be paid on those credit cards where balance is in “credit” as of February 29, 2020. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto ... No. 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. ... Credit card dues outstanding as on 29.02.2020 would be considered for giving relief to the 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. Then Click on the Enquire Tab in the Debit Card Section, just below the Credit Card Section. 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. 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. Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. One of the transactions you can make on your credit card is a cash advance. Please note, Automobile Loans refers to all Vehicle Loans. 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. 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. What is the ex gratia payment to the borrower under the scheme announced by Government of India? # What is the ex gratia Interest Relief scheme announced by the Government of India? For example, the HDFC Bank Platinum plus Card has an interest-free Credit Period of 55 days. Credit card interest waiver. What will be the treatment of penal interest/ penalties while arriving at the rate of interest? 16. 1.What is the ex-gratia scheme announced by GOI? Ex-gratia will not be paid on those credit cards where balance is in “credit” as on 29.02.2020. 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? 15 . Will I be eligible for relief if my credit card balance is in “Credit” as on 29.02.2020? No. Also Read - UCO Bank Releases SO Admit Card 2020 at … The government directed the banks to convey that in view of the COVID-19 situation. Click the Cards Tab in the upper row. 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 … The ex-gratia relief will be credited to the account of all eligible borrowers without any requirement to apply, it said. 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