Secured Business Loan

Type of fee

Applicable charges

Rate of interest

10% to 26% per annum

Processing fee

Up to 3.54% of the loan amount (inclusive of applicable taxes).

Documentation charges

Up to Rs. 2,360 (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan - Not applicable

Flexi term loan (Flexi dropline) (as applicable below) –

• Up to Rs. 999 (inclusive of applicable taxes) for loan amount less than Rs. 10,00,000.
• Up to Rs. 999 (inclusive of applicable taxes) for loan amount between Rs. 10,00,000 and Rs. 14,99,999.
• Up to Rs. 999 (inclusive of applicable taxes) for loan amount between Rs. 15,00,000 and Rs. 24,99,999.
• Up to Rs. 1,999 (inclusive of applicable taxes) for loan amount between Rs. 25,00,000 and Rs. 49,99,999.
• Up to Rs. 2,999 (inclusive of applicable taxes) for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
• Up to Rs. 2,999 (inclusive of applicable taxes) for loan amount Rs. 75,00,000 and above.

Flexi Hybrid Term loan (as applicable below) –

• Up to Rs. 5,499 (inclusive of applicable taxes) for loan amount less than Rs. 10,00,000.
• Up to Rs. 6,999 (inclusive of applicable taxes) for loan amount between Rs. 10,00,000 and Rs. 14,99,999.
• Up to Rs. 9,999 (inclusive of applicable taxes) for loan amount between Rs. 15,00,000 and Rs. 24,99,999.
• Up to Rs. 11,999 (inclusive of applicable taxes) for loan amount between Rs. 25,00,000 and Rs. 49,99,999.
• Up to Rs. 13,999 (inclusive of applicable taxes) for loan amount between Rs. 50,00,000 and Rs. 74,99,999.
• Up to Rs. 14,999 (inclusive of applicable taxes) for loan amount Rs. 75,00,000 and above.
  

Note –

1. The above flexi facility charges will be deducted upfront from the loan amount.
   
2. The loan amount includes the approved loan amount, insurance premium, VAS charges, and documentation charges.

Prepayment charges

Full prepayment

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

Part prepayment

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

Note: - If all borrowers and co-borrowers are Individual, loan availed on floating interest rates, and loan taken for purpose other than business use, then there will be no foreclosure / part payment charges.

Annual maintenance charges

Term Loan – not applicable.

Flexi Term Loan - not applicable.

Flexi Hybrid Term Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline Limit during Initial Loan tenure. Not applicable for subsequent loan tenure.

Bounce charges

Rs. 1,500 per bounce.

“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason.

Penal charge

Penal charge is applicable in the following scenarios:

a. Delay in payment of instalment(s) shall attract Penal Charge at the rate of 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

b. Covenant Perfection Charge: i) Rs. 800/- per day for non-submission of critical documents after 90 days of disbursement. Levy from the date when due on non-compliance of any one or all heads in the category. ii) Rs. 500/- per day for non-submission of non-critical documents after 120 days of disbursement. Levy from the date when due.

Stamp duty (as per respective state) -

Payable as per state laws

Mortgage origination fees

Up to Rs. 6,000 per property (inclusive of applicable taxes), charged upfront.

Note - In case of re-valuation of the property then MOF will be levied again and shall be deducted from loan disbursement amount.