Schedule of Charges for Personal Loans
Effective from 20th July 2020
2.50% of the loan amount + GST as applicable
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|
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|
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 October 2020 - December 2020.
|Minimum Interest Rate||10.99%|
|Maximum Interest Rate||20.99%|
*Mean Rate of Interest is calculated as weighted average of Rate of Interest.