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COVID-19 EX GRATIA SCHEME

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. 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 (6 months / 184 days).

Please refer to the FAQs below for more details.

  • For any escalations, please click here.
  • If you have any grievance towards your loan account with respect to Covid 19 Ex Gratia Payment or to know more details related to your loan account number, please login to our portal.

 

Tata Capital Financial Services & Tata Capital Housing Finance - FAQs

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. 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 (6 months / 184 days).

The main features / highlights of the scheme are as under:

a)    Loan accounts with sanctioned limits and outstanding not exceeding Rs.2 crores (aggregate of all facilities with all the lending institutions) as on 29.02.2020.

b)    Loan accounts should be standard in the books of the lending institutions as on 29.02.2020.

c)    The relief shall cover the following segments – MSME Loans, Education loans, Housing Loans, Consumer Durable Loans, Credit Card Dues, automobile loans, personal loans to professionals and Consumption loans.

d)    The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 6 months period / 184 days.

No. The ex gratia relief will be credited to the loan account of all eligible borrowers without any requirement to apply.

No. The loan should not be a “Non Performing Asset (NPA) as on 29.02.2020.

Yes. 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 vide DOR. No. BP.BC.47/21.04.048/2019-20 dated 27.03.2020 and extended on 23.05.2020.

Yes, 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 differential amount will be credited to the respective loan account(s).

The amount would be adjusted against the Loan dues. However, the same shall be subject to our claim being approved as per the Govt. Scheme.

Yes. Such borrowers are eligible for refund of differential interest from 1st March 2020 upto the date of closure of account (not later than 31st August 2020).

It will be credited to your savings/ current account. This credit is subject to our claim being approved as per the Govt scheme.

a)    In respect 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 loan agreements/ documentation applicable as on 29th February 2020.

b)    In respect of consumer durable loans, the rate of interest to be applied for calculating the differential interest component shall be the contracted rate as specified in loan agreements/ documentation. In case where no interest is being charged on equated monthly instalments for a specified period, for the purpose of relief, interest may be applied at MCLR/ Base rate as the case may be.

c)    MSME:

·         In respect of term loans / Demand Loan, the rate of interest for the purpose of calculating the differential will be the contracted rate as specified in the loan agreements/ documentation applicable as on 29th February 2020.

·         In respect of Cash Credit/ Overdraft, the rate of interest for the purpose of calculating the differential shall be the rate of interest prevailing as on 29.02.2020.

The contracted rate / interest rate prevailing as on 29.02.2020 which is considered for calculating the interest differential will exclude any penalties or any penal rate of interest applied in the account.

The outstanding as on 29.02.2020 will be the reference amount for calculating the differential. Any repayment / credits subsequent from 01.03.2020 – 31.08.2020 shall be ignored for the purpose of calculation.

Simple interest for the period will be calculated based on daily outstanding as at end of the day at rate of interest prevailing as on 29.02.2020. Compounding of interest shall be at monthly rests.

The borrowers are requested to log in to their loan account on our website to register their grievance or visit our branch and submit his / her grievance.

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