New Car Finance interest rates and charges

Type of fee

Applicable charges

Rate of interest

7.50% to 14% p.a.

Processing fees

Up to 2.95% of the loan amount (inclusive of applicable taxes).

Documentation charges

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

Flexi fee

Term Loan – Not applicable

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

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

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

Prepayment charges

Full prepayment (foreclosure)

• Term Loan – Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower as on the date of such full prepayment
• Flexi Hybrid Loan/Flexi Term Loan – Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure on the date of such 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 Loan variants.

Annual maintenance charges

Term Loan - Not applicable

Flexi Term 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

Flexi Hybrid Loan

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

Bounce charges

In case of default of repayment instrument, Rs. 1,500 per bounce will be levied.

Penal Charge

Delay in payment of instalment(s) shall attract Penal Charge of Rs. 20 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

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

Legal, and incidental charges

Actual legal and incidental charges under applicable laws.

Repossession charges

At actuals with a maximum capping of Rs. 50,000 (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)

Instalment default charges 

Rs. 450 per month from the first instalment due date for mandates rejected by customers bank until the new mandate is registered.

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).

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 method:

For Term Loan, Flexi Term Loan, and Flexi Hybrid Loan: Added to the first instalment amount

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.