My ex-gratia payment amount has been incorrectly calculated. Should you still wish to raise a dispute on the digibank app, For existing Personal Loan accounts, go to the transaction history, select transaction not listed option and follow the steps to submit your request, For closed loan accounts, go to the transaction history for your Savings account, select the transaction and follow the steps to submit your request. 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. Period to be reckoned for computing ex-gratia payment set as March 1, 2020 - Aug. 31, 2020. 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, Commission Structure for Investments & Insurance Products, Time limit for loan disposal & service delivery. I have closed my loan account with DBS Bank. 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. Loan Moratorium Latest News:It's a big money relief to loan borrowers from Modi government amid the pandemic. If you do not have any accounts open with the bank at the time of receiving the ex-gratia payment, then we will reach out to you on your last registered email id available with us, to obtain your other bank details. If your loan account has been closed after 29th February and before 31st August, the payment will be calculated for the period applicable and credited to your savings account held with the bank. 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. This relief will be credited to your loan account by November 5, 2020. It is a form of incentive. The ex-gratia payment will be adjusted towards the loan EMI and/or outstanding dues, if any, by 5th November 2020, as per the Government of India guidelines. 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). All eligible borrowers irrespective of whether they had availed or partially availed or not availed the moratorium on EMI repayments announced by RBI vide DOR. People who have dues in credit cards are also entitled to claim this fund. 1. PMT stands for Payment – and gives periodic loan payment or EMI value as an output. The payable ex-gratia amount shall have to be credited to the account of the borrower by the respective lending institutions as ex-gratia payment under the scheme on … 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. For Home Loans, please reach out to your branch Relationship Manager / Service Manager. What is a lump sum extra payment calculator? The ex-gratia payment will be applicable for -. 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). 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? BP.BC.47/21.04.048/2019-20 dated 27 March 2020 and extended on 23 May 2020. The Banks/Lending institution will provide Ex-Gratia payment to the borrower account of the difference between compound interest and simple interest on loan accounts for the period from 01-03-2020 to 31-08-2020 (6 months/184 days). 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. 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