Loan
Personal Loan
Schedule of Charges for Personal Loans

Effective from 15th March 2021

Processing Fee

Amounts up to three percent of the loan value + relevant GST

Foreclosure Charges

Loan foreclosure is only permissible six months after the disbursement date.

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%

Partial Prepayment Charges

With a maximum of two prepayments yearly, partial loan prepayment can only be made six months following the loan distribution date.

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 is allowed three days following loan disbursement under a free look period.

Cancellation requests cannot be fulfilled beyond this period.

There are no related cancellation charges, but the processing fee and relevant taxes paid earlier will not be reimbursed.

Non-payment of Standing Instruction

The fee for each instance is Rs. 600/-, in addition to the applicable GST.

Penal Charges

Overdue EMIs for the defaulting period will be subjected to a 3% annual interest rate. This amount is required to be paid monthly, on the EMI due date.

EMI overdue amount = Principal + Interest

EMI Start Date

For loans disbursed between the 1st and 19th of the month, EMI repayment will commence on the 6th of the following month.

For loans disbursed between the 20th and the end of the month, EMI repayment will commence on the 10th of the following month.

Annual Percentage Rate

Annual percentage rate offered to customers on personal loans from JAN 2025 – MAR 2025

Minimum Interest Rate 9.99%
Maximum Interest Rate 28.00%
Mean Rate 17.18%

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