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 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 (foreclosure)

• 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 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

• For 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 Loan.

Annual maintenance charges

Term Loan – not applicable.

Flexi Term Loan - not applicable.

Flexi Hybrid Loan - Up to 0.295% (inclusive of applicable taxes) on the total withdrawable amount during the initial loan tenure. Not applicable for the 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. Penal Charge: Any payment default shall attract penal charge of Rs. 36 per day for period of such delay from the respective due date and continue to apply until the date of receipt of amounts under the said default.

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

Broken period interest/ Pre-EMI interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement
For Flexi Loans: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment
For Quick disbursal process: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:
First instalment will consist of interest for actual number of days.

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.