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Engineer Loan Fees And Charges

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Engineer Loan - Fees & Charges

Salaried and self-employed engineers can get a Loan for Engineers by paying the following basic fees and charges:

Types of Fees Charges Applicable
Interest rate 14 to 16% for salaried individuals
16 to 19% for self-employed individuals
Processing fee 2% onwards of the loan amount
Loan statement charges Rs. 50
Interest & Principal statement charges Nil
EMI bounce charges Rs.3000 (Inclusive of applicable taxes)
Penal interest (Applicable in case of non-payment of monthly instalment on/before the due date) 2% per month + applicable taxes
Pre-Payment Charges (Not applicable if the Borrower is an Individual and the Loan is availed on floating interest rate 2% + applicable taxes
Document processing charges Rs. 1,449 + applicable taxes
Outstation collection charges Rs.65* per repayment instrument + applicable taxes
Other penal charges NIL
Stamp duty Percentage or Amount – Mentioned state wise
Upfront interest NIL
Service charges NIL

Additional Maintenance Charges –

Details Additional Maintenance Charges –
Flexi Term Loan 0.25% of the current Flexi Term Loan amount + applicable taxes (as per the repayment schedule) on the date of levy of such charges
Flexi Hybrid Loan 0.5% of the loan amount + applicable taxes during initial tenure. 0.25% of the current Flexi Term Loan amount + applicable taxes during Subsequent Tenure

Applicable following 1st EMI clearance.

Foreclosure Charges

Details Full Pre-Payment Charges
Loan (Term Loan/Advance EMI/ Step-Up Structured Monthly Instalment/ Step-Down Structured Monthly Installment) 4% on the Loan amount + applicable taxes outstanding as on the date of such full Pre-Payment
Flexi Term Loan 4% on the current Flexi Term Loan amount + applicable taxes (as per the repayment schedule) on the date of levy of such charges
Flexi Hybrid Loan 4% on the Loan amount + applicable taxes during Initial Tenure 4% on the current Flexi Term Loan amount + applicable taxes during Subsequent Tenure

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