Effective from 20th July 2020

Processing Fee

2.50% of the loan amount + GST as applicable

 

Foreclosure Charges

Foreclosure of loan can only be done after completion of 6 months from date of disbursement.

Loan Tenure Foreclosure Charges will be collected on the Loan Principal outstanding + GST as applicable
7-12 months 4.50%
13-24 months 4.50%
25-36 months 2.50%
>36 months 2.00%
 

Part pre-payment Charges

Partial pre-payment of loan can only be done after completion of 6 months from date of disbursement subject to maximum 2 pre-payments in a year.

Loan Tenure Pre-payment Charges will be collected on the Loan Principal paid+ GST as applicable
7-12 months 4.50%
13-24 months 4.50%
25-36 months 2.50%
>36 months 2.00%
 

Loan Cancellation Charges

Loan cancellation can be done during the free look period of 2 days within the disbursal of the loan. Post which cancellation is not allowed

There are no cancellation charges.

However, processing Fee + applicable taxes collected earlier will not be refunded.

 

Dishonour of Standing Instruction

Rs. 600/- per instance + GST as applicable

 

Penal Interest Rate

@24% per annum i.e. 2% per month on the overdue instalment

 

EMI Start Date

For all loans disbursed between 1st to 19th of the month the EMI repayment will start from 6th of the next month

For all loans disbursed between 20th to end of the month the EMI repayment will start from 10th of the next month

 

Annual Percentage Rate

Annual percentage rate offered to customers on personal loans from July 2020 - September 2020.

Minimum Interest Rate 10.99%
Maximum Interest Rate 16.49%
Mean Rate 12.26%

*Mean Rate of Interest is calculated as weighted average of Rate of Interest.