One of the easiest ways to calculate the EMI on your loan is by using Microsoft Excel. 2. Under the Scheme launched by the Government of India on 23rd October 2020, the bank or lending institution will provide an ex-gratia payment to the borrower account, the difference between compound interest and simple interest for the period between from 1st March 2020 to 31st August 2020 (6 months / 184 days). 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). Please note that it will take 7 working days to credit the ex-gratia payment amount, from the date of receipt of your other bank details and authorization instructions to credit the amount there. 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). If the interest rate is 14%, Rs 210 will be credited. No. Period to be reckoned for computing ex-gratia payment set as March 1, 2020 - Aug. 31, 2020. The ex-gratia payment will be applicable for -. When would the ex-gratia payment be provided / credited? While making the calculations, repayments in the loan account during the period should be ignored. What is the Scheme for grant of ex-gratia payment launched by the Government of India and who all are eligible for receiving this payment? In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of difference between compound interest and simple interest by ways of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. For Home Loans, please reach out to your branch Relationship Manager / Service Manager. your aggregate loan amount with all lending institutions exceeding the limits as mentioned in the notification; or, the outstanding status of your loan as on 29 February 2020 is not standard or is a NPA (non-performing asset); or, if you have a new/any loan account which is not eligible as per the scheme. Disclaimer: The ex-gratia amount will be credited to your principal outstanding (in case your loan is still ongoing), or to your bank account (in case of closed accounts). In view of the unprecedented and extreme COVID-19 situation, the object of the Scheme is to provide ex-gratia payment of difference between compound interest and simple interest by ways of relief for the period from 1st March 2020 to 31st August 2020 to borrowers in specified loan accounts. My ex-gratia payment amount has been incorrectly calculated. The Government of India has announced the 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 ‘Scheme’) on October 23, 2020. Ex-gratia means a payment made by the employer by their own choice voluntarily, out of kindness or grace under no obligation of any law. Ex-Gratia Payment Scheme FAQs dated 26 October 2020, Ex-Gratia Payment Scheme FAQs dated 29 October 2020, Ex-Gratia Payment Scheme FAQs dated 3 November 2020. 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