Ex-gratia Payment Calculator

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). For more details, please contact your nearest Fullerton India branch.

How to use the Ex-gratia Payment Calculator?

Here are a few steps you need to follow to use the interest on interest waiver calculator correctly.

1. Is your loan still ongoing or has it been closed? Select “Yes” or “No” accordingly.
2. If your loan is closed, please enter the date when you had paid the last instalment. To know the exact date, please refer to your loan statement / loan closure document or use our customer login section.
3. Enter the principal amount outstanding as on Feb 29, 2020. To know this value, please refer to any loan statement dated post Mar 01, 2020 or use the customer login section to check the schedule.
4. Enter the interest rate of your loan.
5. You will be shown the following details:
   1. Compound interest charged between Mar – Aug, 2020
   2. Simple interest applicable between Mar – Aug, 2020
   3. Difference between compound and simple interest, which is the total ex-gratia payment you may be given as a result of this scheme.

Who is Eligible for the Ex-gratia Payment Scheme?

Here are the basic criteria to qualify for the waiver under this scheme

1. The account should be classified as “Standard” as on Feb 29, 2020. This means that loan accounts which have been declared as non-performing assets (NPA) on or before this date will not be eligible.
2. The outstanding loan amount should not exceed INR 2 crores
3. At Fullerton India, we are extending this scheme for the following products as per the regulatory guidelines:
   1. Personal Loans (provided to professionals like lawyers, chartered accounts, etc. only)
   2. Home Loans
   3. Two Wheeler Loans
   4. Commercial Vehicle Loans
   5. Loan Against Property (for both salaried / self-employed)
   6. MSME Loans (includes secured and unsecured business loans)

All borrowers who satisfy the above criteria are eligible for this scheme, irrespective of whether they have / have not / have partially availed the 6-month moratorium facility between Mar – Aug, 2020.