Schedule of Charges (In Rs.)

Rate of Interest (Flat or Reducing) *8% to 24% Per Annum
Loan Tenure12 to 36 Months (Renewal Basis)
Loan Processing Fee2% of the Sanctioned Loan Amount or ₹ 1000 + GST (whichever is higher)
Instalment Bouncing Charges₹ 500 + GST
Pre-closure ChargesNil
Repayment ScheduleNil
Pre-payment in Part or FullNil
Late payment/ Delay/Overdue interest charges2% Per Month on Overdue Amount
CIBIL Report Retrieval FeeNil
Legal NoticeNil
Legal ChargesAs Per Actuals
No Due Certificate (NDC)/No Objection Certificate (NOC)Nil
Duplicate NOCNil
Pledge Creation FeesNil
De-Pledge FeesNil
Commitment Charges / Non-Utilisation Fee
(Applicable for Overdraft Facility)
Cheques/ACH swapping₹ 500 + GST
Non-Registration of NACH₹ 1500 + GST Every Month
e-NACH cancellation without enabling alternative e-NACH₹ 1500 + GST Every Month
Annual Maintenance Charge (AMC)*Up to 0.50% of the Sanctioned Credit Limit. Minimum ₹ 1,000/- and Maximum up to ₹ 5,000/- + GST
Stamp Duty and Other Statutory ChargesAs per Applicable Laws of the State
Dormant AccountUp To ₹ 1,000/- + Taxes per Month where Limits are NIL in the Month

*What is meant by reducing interest rate?

In reducing rate, the interest rate is accrued on the outstanding loan amount. The principal amount is reducing with each re-payment (EMI), which means that interest being paid also goes down gradually, so it is calculated against the remaining loan amount or outstanding balance, rather than the original principal amount.

For example, if you take a loan of ₹ 1, 00,000 with a reducing rate of interest of 8% p.a. for 6 months, then your principal amount would reduce with every repayment. The repayment schedule is as below:

Repayment NumberOpening BalanceLoan RepaymentInterest ChargedCapital RepaidClosing Balance