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 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 compound interest for the period between March 1, 2020 to August 31, 2020 by respective lending institutions. The benefit of the said Scheme shall be passed by the Lender Institution to the Borrowers of the specified loan accounts.
Main features of the ex gratia payment Scheme:
- 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.
- Loan accounts should be Standard in the books of the lending institutions as on 29.02.2020.
- 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.
- The period reckoned for refund shall be from 1st March 2020 to 31st August 2020, i.e. 6 months period / 184 days.
For more details on the Scheme, please refer FAQs issued by the Government
Grievances Redressal Mechanism
We, at ECL Finance Limited, are committed to serve to make our client’s experience a rewarding one at our Company. Company’s Grievance Redressal Mechanism articulates our objective to minimize instances that give rise to customer complaints and create a review mechanism to ensure consistently superior service behaviour. We ensure prompt redressal of all complaints and use it for effecting necessary changes to improve the services further.
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Disclaimer: The ex-gratia payment is subject to acceptance of Government of India /Nodal agency (State Bank of India) under this Scheme; the Company reserves the right to reverse the credit/payment in case of non-acceptance/rejection by Government / Nodal Agency of the same.