Here are the various fees and charges for your loan application
Type of fee | Applicable charges |
Interest rate | 10.75% p.a. |
Processing fee | ₹999 or 1% of loan amount whichever is higher upto a maximum of ₹4999 (GST applicable)
Example - - loan less than 1 lakh: ₹999 + GST - loan between 1 to 5 lakh: 1% of sanctioned amt + GST - loan greater than 5 lakh: ₹4999 + GST |
Late Payment of Interest (after bounced auto-debit) | Penal interest is charged at 2% per month |
Bounce charges (for failed interest payment) | Rs 1200 per bounce |
Part-prepayment charges | NIL |
Foreclosure charges | NIL |
Mandate inactive charges | NIL |
Mandate verification (charged by your bank) | As charged by your bank (typically between Rs. 0 to Rs. 150) |
Lien removal charges (if cancellation requested after taking loan) | NIL |
Lien removal charges (if cancellation requested before taking) | Actual processing fee applicable |
Collection/legal Charges (in case of default) | At actuals |