Interest Rates and Service Charges
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Medium Term and Long-Term Loans
I. Interest Rates
# Parameters Long-Term Loans >48m to 60m Long-Term Loans 36m to 48m Long-Term Loans 6m to <36m 1 Rate of Interest (%) Up to 36% p.a. Up to 36% p.a. Up to 36% p.a. II. Schedule of Charges
Sr No. Parameters Long-Term Loans >48m to 60m Long-Term Loans 36m to 48m Long-Term Loans 6m to <36m 1 Processing fees Up to 7% + GST Up to 7% + GST Up to 7% + GST 2 Cooling off Period and Charges 3 days
Charges: up to 100% of processing fees may be levied for loan foreclosure during the cooling off period
3 days
Charges: up to 100% of processing fees may be levied for loan foreclosure during the cooling off period
3 days
Charges: up to 100% of processing fees may be levied for loan foreclosure during the cooling off period
3 Lock-in Period and Fees Lock-in period: 18 months
Fees: For loans closed during the lock-in period, lock-in fees may be applied. Lock-in fees will be equal to the total scheduled but unpaid interest for lock-in period as per the repayment schedule.
Lock-in period: 18 months
Fees: For loans closed during the lock-in period, lock-in fees may be applied. Lock-in fees will be equal to the total scheduled but unpaid interest for lock-in period as per the repayment schedule.
Lock-in period:
6m to 11m loan: 3 months
12m to 17m loan: 6 months
18m to 23m loan: 9 months
24m to 35m loan: 12 months
Fees: For loans closed during the lock-in period, lock-in fees may be applied. Lock-in fees will be equal to the total scheduled but unpaid interest for lock-in period as per the repayment schedule.
4 Foreclosure and part prepayment charges Up to 7% of amount foreclosed/ prepaid + GST Up to 7% of amount foreclosed/ prepaid + GST Up to 7% of amount foreclosed/ prepaid + GST 5 Late Payment Charges a. Bounce Charge Up to Rs. 1,500 per EMI Up to Rs. 1,500 per EMI Up to Rs. 1,500 per EMI b. Daily Penal Charges Penal Charges for a continuing default in repayment of an EMI. Daily charges of up to 0.2% of the overdue principal amount Penal Charges for a continuing default in repayment of an EMI. Daily charges of up to 0.2% of the overdue principal amount Penal Charges for a continuing default in repayment of an EMI. Daily charges of up to 0.2% of the overdue principal amount 6 Other Charges Stamp duty, GST, and other cess, if applicable would be collected at applicable rates from time to time. Stamp duty, GST, and other cess, if applicable would be collected at applicable rates from time to time. Stamp duty, GST, and other cess, if applicable would be collected at applicable rates from time to time. -
Loan Against Property
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I Interest Rates
Parameters Particulars Rate of Interest (ROI) 18% - 34% per annum (p.a.) fixed -
II Schedule of Charges
Parameters Particulars Processing Fees (PF) 2% - 3% + GST Initial Money deposit (IMD) Up to INR 3,000 + GST Legal and Technical Charges Up to INR 5,000 + GST Prepayment charges Up to 5% (on principal amount being prepaid) + GST
Lock-in period: 6 Month on Books “MOB” from first Equated Monthly Instalments (“EMI”) date .
Foreclosure charges Up to 7% (on principal amount being foreclosed) + GST
Lock-in period: 12 MOB from first EMI date.
Note: All the part prepayments that are done within a 12-month timeline before the date of foreclosure, they would be treated as a foreclosure. A differential rate between foreclosure and prepayment would be charged on the principal amount which was partially pre-paid in the aforementioned timeline.
Lock-in charges In the event the borrower opts for prepayment or foreclosure of the loan prior to the expiry of the stipulated lock-in period, the Company may, at its discretion, levy prepayment or foreclosure charges. Such charges shall not exceed 9% (on the principal amount being prepaid or foreclosed) + GST. Loan cancellation charges Up to 3% (on loan amount) + Goods and Service Tax (GST) (rate as applicable)
Note:
- Loan cancellation charges shall be levied when the customer requests for loan cancellation before the due date of the first EMI.
- Processing fees, Legal Technical charges which are deducted during loan disbursement shall not be refunded.
Pro rata interest would be levied from the date of disbursement up to the date of cancellation.
Penal Charges Bounce Charges Up to INR 1500 per EMI Per Day penalty Up to 0.2% of Overdue principal Other Charges CERSAI registration charges Up to INR 100 + GST Document Copy charges Up to INR 2,000 + GST Document Storage charges Up to INR 1,000 + GST/loan (entire tenure) Cash collection charges Up to INR 250 + GST/visit Document Retrieval charges (Post 30 days of loan foreclosure) Up to INR 1000 per month + GST Duplicate Certificates (No Dues/Interest) Up to INR 1000 + GST delay in mortgage creation (If not completed in 10 days from the date of disbursement) up to 0.2% of the sanctioned loan amount per day + GST, until the mortgage creation is duly completed to the lender’s satisfaction. Third party distribution products As per third party agreements
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