| Service | Description | Charges ( Rs. ) |
|---|---|---|
| Late Payment Charges | Charged in case EMIs are not paid on time, as outlined in the loan agreement. | As per agreement terms and as per the RBI guidelines for the same. |
| Cheque/ECS Dishonoured Charges | Charged per dishonour of cheque/ECS per presentation. | Up to 1000 |
| Swap Charges | For replacement of Post-dated cheques to ECS (per instance). | Up to 500 |
| Loan Cancellation Charges | If the loan is cancelled before the first EMI. | Up to 1000 |
| Processing Fees | Charged on the loan amount. | Between 0% – 8% of the loan amount |
| CERSAI Charges | Registry and central database management. | NA |
| Duplicate NOC/ NOC Revalidation | Issuance of duplicate or revalidation of NOC. | NA |
We are an NBFC and as per the RBI guidelines vide its circular RBI/2023-24/53 DoR.MCS.REC.28/01.01.001/2023-24 “Fair Lending Practice – Penal Charges in Loan Accounts”, additional interest/ late payment charges shall be renamed as “Late Payment Charges” effective April 1, 2024. Consequent to this change, Goods and Services Tax (GST) shall be applicable on Late Payment Charges.
Cooling off/look-up period: A cooling off/ look-up period is the time window which shall be given to borrowers for exiting loans, in case a borrower decides not to continue with the loan acceptance.
Foreclosure charges shall be as per the signed loan agreement.
For all application service charges for your loan case, please refer and go through our Loan Agreement that we share with you.