All Collections
Loan against mutual fund
Charges for your loan application
Charges for your loan application
Paramita avatar
Written by Paramita
Updated over a week ago

Are there any foreclosure charges to close a loan before the tenure ends?

No, there are no foreclosure or early repayment charges on this loan, you can repay anytime to save the interest.

What should I do if a payment is not reflected on my statement?

If the payment is not reflected on the statement within 24 working hours, please contact support and share the bank statement of the account that has been debited.

What is the frequency of interest payments?

Interest on a loan against a mutual funds facility is payable monthly.

What is the interest payment cycle for a loan against mutual funds?

The interest cycle is calculated from the 7th day of each calendar month to the 6th day of the succeeding month. Interest due towards the loan is generated on the 7th of every month.

Is my interest applicable to the entire loan limit?

No, the interest is charged only on the loan amount that you have drawn down or the outstanding loan amount.

What will happen if an interest repayment is not made?

If you miss an interest payment, you are liable to pay a bounce charge of Rs. 1200. A penal interest of 2% per month will be charged on the due interest amount from the date the auto-debit failed until the date of payment of the overdue amount.

Do I need to repay the loan with EMI on a monthly basis?

There is no EMI associated with this loan. You can repay the outstanding principal amount, either fully or partially, at any time you want. Every month, only the interest on your withdrawn amount will be auto-debited from your linked bank account.

Did this answer your question?