The Government of India has announced a scheme for grant of ex-gratia payment. Here are the basic criteria to qualify for the waiver under this scheme. An ex gratia payment is made to an individual by an organization, government, or insurer for damages or claims, but it does not require the admittance of liability by the party making the payment. 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. 1. Is the loan eligible for ex-gratia payment under the scheme? FAQs for scheme of Ex gratia payment to borrowers for difference in interest. Yes. The Government of India has announced the scheme for grant of ex-gratia payment of difference between compound interest and simple interest for period upto six months to eligible borrowers in specified loan accounts (1.3.2020 to 31.8.2020). Loans for consumption purposes (e.g., social ceremonies, etc.) Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme. Grant of Ex-gratia Scheme to borrowers. Everything About the Ex-gratia Relief Provided by the Government … However, the loan will entail the simple interest charged during this period. Submitted by admin on Tue, 10/27/2020 - 19:25. The Government has communicated the Scheme related to the grant of ex-gratia payment (compound interest -simple interest)borrowers in specified loan accounts from 1/03/2020, to 31/08/2020. The bank/ lending institution will provide ex gratia payment to the eligible borrower’s loan account of the difference between compound interest and simple interest on loan accounts with sanctioned limits and outstanding upto Rs. Ex-Gratia Payment Scheme. Everything About the Ex-gratia Relief Provided by the Government of India. On 23rd October 2020 Ministry of Finance, Government of India issued direction to all lending institutions to implement Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020). The government directed the banks to convey that in view of the COVID-19 situation. What is the ex gratia payment to the borrower under the scheme announced by Government of India (GOI)? Who is Eligible for the Ex-gratia Payment Scheme? The account should be classified as “Standard” as on Feb 29, 2020. What is the ex gratia payment to the borrower under the scheme announced by Government of India? Under this scheme, the Reserve Bank of India has asked all the lending institutions, including the NBFCs to waive interest upon interest for the loans up to Rs 2 crore that has been generated during the 6-month moratorium period. Q1. 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