Revision in Repayment adjustment process for Loans

IMPORTANT NOTICE FOR LOAN CUSTOMERS

Revision in Repayment adjustment process for Loans

As part of the initiatives towards streamlining customer payment processes towards long-term benefit for the customer, we would like to bring to your attention the following changes in the Loan Repayment Adjustment process 

1. For any payments made through online mode towards repayments of your existing loan, we will be able to accept only to the extent of one month’s EMI amount. In case you would like to make any excess repayment, you are requested to visit your home branch. This will come into effect from 1^st week of August 2022. 

2. Any repayment made in excess of the monthly EMI amount will be treated as part–prepayment, and the adjustment of this excess amount will be against the Principal outstanding of the loan account (as on date of receipt of such repayment by the Bank). This will reduce the balance tenure of the loan, thus enabling the loan to be closed faster.

Any loan part-prepayment request will be serviced through your home/nearest branc

We wish to take this opportunity to express our gratitude for your continuous support and patronage over the years.