PENAL INTEREST & OTHER CHARGES

Penal Interest will not be charged for loans up to Rs 25000. For Loans above Rs.25000/- , if the irregularity exceeds EMI or Installment amount, for a period of one month ,then penal interest would be charged @2% p.a.(over and above the applicable interest rate) on the overdue amount for the period of default. If part installment or part EMI remains overdue, then penal interest should not be levied. Other Charges (if any) will be as per actual.

 

AUTO LOANS

Pre-Payment Penalty

Pre-Payment penalty @ 1% plus GST per quarter on part payment over and above EMI if prepaid within 36 months from the date of disbursement of loan.


Foreclosure Charges

Foreclosure Charges @ 3% plus GST to be recovered on Theo balance at the time of closure of account if the loan account is closed prior to sanctioned tenure.