Interest rates and Service Charges – PL
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 | Medium-Term Loans 3m to <6m |
|---|---|---|---|---|---|
| 1 | Rate of Interest (%) | Up to 28% p.a. | Up to 33% p.a. | Up to 33% p.a. | Up to 28% 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 | Medium-Term Loans 3m to <6m |
|---|---|---|---|---|---|
| 1 | Processing fees | Up to 6% | Up to 6% | Up to 6% | Up to 4.5% |
| 2 | Rate of Interest (%) | Up to 28% p.a. | Up to 33% p.a. | Up to 33% p.a. | Up to 28% p.a. |
| 3 | 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 days Charges: up to 100% of processing fees may be levied for loan foreclosure during the cooling off period |
| 4 | 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. |
Not applicable |
| 5 | Foreclosure and part prepayment charges | Up to 7% of amount foreclosed/ prepaid | Up to 7% of amount foreclosed/ prepaid | Up to 7% of amount foreclosed/ prepaid | Up to 7% of amount foreclosed/ prepaid |
| 6 | Late Payment Charges | ||||
| a. | One-time charges | Up to Rs. 1500 | Up to Rs. 1500 | Up to Rs. 1500 | Up to Rs. 1500 |
| 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 | Penal Charges for a continuing default in repayment of an EMI. Daily charges of up to 0.2% of the overdue principal amount |
| 7 | 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. | Stamp duty GST and other cess if applicable would be collected at applicable rates from time to time. |
