Flexi Loan Interest Rate & Fees and charges

Type of fee

Applicable charges

Rate of interest

Processing fee

Documentation charges

Penal interest

Any delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% per month on the monthly instalment outstanding, from the date of default until the receipt of the monthly instalment.

Bounce charges

In case of default of repayment instrument, Rs. 700/- to Rs. 1500/- per bounce will be levied.

Stamp duty

Payable as per state laws and deducted upfront from the loan amount.

Flexi fee for Personal Loan

Term Loan - Not applicable

Flexi Term Loan (Flexi Dropline) and Flexi Hybrid- A fee will be deducted upfront from the loan amount (as applicable below)

• Up to Rs. 1,999/- (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000
• Up to Rs. 3,999/- (inclusive of applicable taxes) for loan amount from Rs. 2,00,000 to Rs. 3,99,999
• Up to Rs. 5,999/- (inclusive of applicable taxes) for loan amount from Rs. 4,00,000 to Rs. 5,99,999
• Up to Rs. 7,999/- (inclusive of applicable taxes) for loan amount from Rs. 6,00,000 to Rs. 9,99,999
• Up to Rs. 8,999/- (inclusive of applicable taxes) for loan amount from Rs. 10,00,000 to Rs. 14,99,999
• Up to Rs. 9,999/- (inclusive of applicable taxes) for loan amount from Rs. 15,00,000 to Rs. 19,99,999
• Up to Rs. 10,999/- (inclusive of applicable taxes) for loan amount from Rs. 20,00,000 to Rs. 24,99,999
• Up to Rs. 11,999/- (inclusive of applicable taxes) for loan amount from Rs. 25,00,000 to Rs. 29,99,999
• Up to Rs. 12,999/- (inclusive of applicable taxes) for loan amount of Rs. 30,00,000 and above
  
  *Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.
  

Flexi fee for Professional Loan and Used Car Finance

Term Loan – Not applicable

Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)

Flexi Hybrid Loan (as applicable below) - A fee will be deducted upfront from the loan amount

• Up to Rs. 1,999/- (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000/-
• Up to Rs. 3,999/- (inclusive of applicable taxes) for loan amount from Rs. 2,00,000/- to Rs. 3,99,999/-
• Up to Rs. 5,999/- (inclusive of applicable taxes) for the loan amount from Rs. 4,00,000/- to Rs. 5,99,999/-
• Up to Rs. 6,999/- (inclusive of applicable taxes) for the loan amount from Rs. 6,00,000/- to Rs. 9,99,999/-
• Up to Rs. 7,999/- (inclusive of applicable taxes) for the loan amount of Rs. 10,00,000/- and above

*Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Flexi fee for Business Loan

Term Loan - Not applicable

Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)

Flexi Hybrid Loan (as applicable below) - A fee will be deducted upfront from the loan amount

• Up to Rs. 5,999/- (inclusive of applicable taxes) for loan amount less than Rs. 10,00,000/-
• Up to Rs. 7,999/- (inclusive of applicable taxes) for loan amount from Rs. 10,00,000/- to Rs. 14,99,999/
• Up to Rs. 12,999/- (inclusive of applicable taxes) for loan amount from Rs. 15,00,000/- to Rs. 24,99,999/
• Up to Rs. 15,999/- (inclusive of applicable taxes) for loan amount of Rs. 25,00,000/- and above
  
  *Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Flexi Fee for New Car Finance

Term Loan – Not applicable

Flexi loan variant (as applicable below) - A fee will be deducted upfront from the loan amount

• Up to Rs. 999/- (inclusive of applicable taxes) for loan amount up to Rs. 9,99,999/-
• Up to Rs. 1,499/- (Inclusive of applicable taxes) for loan amount of Rs. 10,00,000/- and above

*Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Annual maintenance charges for Flexi Term Loan (Flexi Dropline)

Personal Loan

Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount, as per the repayment schedule on the date of levy of such charges.

Business Loan

Up to 0.413% (inclusive of applicable taxes) of the total withdrawable amount, as per the repayment schedule on the date of levy of such charges.

Doctor Loan

Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount, as per the repayment schedule on the date of levy of such charges.

CA Loan

Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount, as per the repayment schedule on the date of levy of such charges.

New Car Finance

Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount, as per the repayment schedule on the date of levy of such charges.

Used Car Finance

Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount, as per the repayment schedule on the date of levy of such charges.

Annual maintenance charges for Flexi Hybrid Loan

Personal Loan

• Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure

Doctor Loan

• Up to 0.590% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure

CA Loan

• Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure

Used Car Finance

• Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure

New Car Finance

• Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure

Business Loan

• Up to 1.18% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure
• Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure

Prepayment charges

Full prepayment (Foreclosure)

• Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment
• Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment
• Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment

Part-prepayment

• Up to 4.72% (inclusive of applicable taxes) of principal loan amount prepaid on the date of such part pre-payment
• Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

Foreclosure charges/ prepayment penalties are not applicable on any floating rate term loan sanctioned, for purposes other than business, to individual borrowers with or without co-applicant(s).

Mandate rejection charges

Rs. 450/- per month from the first month of the due date for the mandate rejected by the customer’s bank until the new mandate is registered.

Broken period interest/pre-EMI interest

Broken period interest/pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:

Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, broken period interest is recovered by the following methods -

• For Term Loan (Personal Loan, Professional Loan and Business Loan): Deducted from the disbursement amount
• For Term Loan (Used Car Finance and New Car Finance): Added to the first instalment
• For Flexi Term Loan: Added to the first instalment
• For Flexi Hybrid Loan: Added to the first instalment

Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:

In this scenario, interest is charged only for the actual number of days since the loan was disbursed.

Additional charges/Other charges

Professional Loan and Business Loan -

• Switch fees: Up to 1.18% of the loan amount (inclusive of applicable taxes)
  (Switch fees is applicable only in case of switch of loan. In switch cases, processing fees and documentation charges will not be applicable)
  

Personal Loan -

• Mandate registration charges: Re. 1/- (inclusive of applicable taxes) applicable in case of UPI mandate registration
• Switch fees : Up to 0.0118 of the loan amount (inclusive of applicable taxes).
  
• Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable.

Used Car Finance -

• Legal, repossession and incidental Charges: Actual legal and incidental charges under applicable laws
• Auction charges: At actuals
• Mandate registration charges: Re. 1/- (inclusive of applicable taxes) applicable in case of UPI mandate registration
• Loan re-booking charges: Rs. 1,000/- (inclusive of applicable taxes)
• Loan cancellation charges: Rs. 2,360/- (inclusive of applicable taxes) (Interest till cancellation to be borne by the customer)
• NDC for interstate transfer: Rs. 1,180/- (inclusive of applicable taxes)
• NDC to convert from Private to Commercial: Rs. 3,540/- (inclusive of applicable taxes)
• Duplicate NDC: Rs. 500/- (inclusive of applicable taxes)

New Car Finance –

•  Legal and Incidental Charges: Actual Legal and Incidental charges under applicable law
• Repossession charges: Repossession Charges at actuals with a maximum capping of Rs.50000 (inclusive of applicable taxes)
• Auction charges: At actuals
• Valuation charges: At actuals
• Stockyard charges: Rs.118/- per day for 60 days (inclusive of applicable taxes)
• NOC for Interstate Transfer: Rs.1,180/- (inclusive of applicable taxes)
• NOC to convert from Private to Commercial: Rs.3,540/- (inclusive of applicable taxes)
• Duplicate NOC: Rs.500/- (inclusive of applicable taxes)
• Other NOC: Rs.1,180/- (inclusive of applicable taxes)

Loan against Property and Secured Business Loan –

• Mortgage origination fee – Up to Rs. 3,000/- (inclusive of applicable taxes) per property
• Property insight (if availed) - Rs. 6,999 (inclusive of applicable taxes)

Dealer Banker Loan -

• CERSAI Charges – Rs. 118/- (inclusive of applicable taxes)
• Commitment Fees - Maximum up to total PF amount