Penal Interest & Other Charges - Interest Rates

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% + GST to be levied quarterly on the prepaid amount if prepaid within 2 years from the date of disbursement

Foreclosure Charges

Foreclosure charges @ 3% + GST on Theo balance to be levied only if closed within 2 years from the disbursement of loan.