Kolkata: Thousands of clients of NBFC- MFIs will benefit from the scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to certain categories of borrowers, an official said on Thursday. Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified Loan Accounts: The Government of India has announced a Scheme for grant of ex-gratia payment of differencebetween compound interest and simple interest for six months to borrowers in specified loan accounts(01.03.2020 to 31.08.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment tocertain categories of borrowers by way of crediting the difference between simple interest andcompound interest for the period between March 1, 2020 to August 31, 2020 by respective lendinginstitutions. It may be noted that loans declared as non-performing assets as on February 29, 2020 are not eligible under the scheme. or correctness of any of the statements or representation made or opinion expressed To bring financial relief to borrowers in the view of Covid-19 situation, RBI along with Department of Financial services has introduced a "Scheme for grant of ex gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts." //b||1342177279>>=1)c+=c;return a};q!=p&&null!=q&&g(h,n,{configurable:!0,writable:!0,value:q});var t=this;function u(b,c){var a=b.split(". Borrowers who have loan accounts with sanctioned limits and outstanding amount not exceeding Rs. What are the main features of the ex gratia to borrowers scheme? The Government of India has announced a Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (01.03.2020 to 31.08.2020) (the ‘Scheme’) on October 23, 2020, which mandates ex-gratia payment to certain categories of borrowers by way of crediting the difference between simple interest and … Eligible accounts foreclosed during the said period are covered under the scheme. "),d=t;a[0]in d||!d.execScript||d.execScript("var "+a[0]);for(var e;a.length&&(e=a.shift());)a.length||void 0===c?d[e]?d=d[e]:d=d[e]={}:d[e]=c};function v(b){var c=b.length;if(0. Loan accounts must be standard as of February 29, 2020. Frequently Asked Questions (FAQs) on Ex-Gratia Scheme Q. EHFL is regulated by the National Housing Bank (NHB) vide Certificate of Registration Ex-gratia Payment Scheme for Phasing out Euro IV Diesel Commercial Vehicles FAQs Eligibility Criteria 1. The main features / highlights of the scheme are as under: a. Edelweiss Financial Services Limited 2016, https://financialservices.gov.in/whatsnewstatic/faqs-scheme-ex-gratia-payment-borrowers-difference-interest, https://www.edelweisshousingfin.com/Policies/GrievanceRedressal, TOI – 28-11-2019 – EHFL & BoB tie up for co-lending, Business Standard – 28-11-2019 – EHFL & BoB tie up for co-lending of Home Loans. 2 cr. Loan accounts should be standard in the books of the lending institutions as on 29.02.2020. 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. (iii) The ex-gratia payment under this scheme shall be admissible irrespective of whether the borrower in sub-clause (1) had fully availed or partially availed Of not availed of the moratorium on repayment announced by RBI vide its circular DOR.N0. 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