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| Description of charges | Commercial Vehicles Finance |
|---|---|
| EMI Return charges* | Rs. 550/- per instance |
| Premature Closure charges* | 4 % of POS (Principle Outstanding) for preclosures with 1 year from 1st EMI 2% of POS (Principle Outstanding) for preclosures after 1 year from 1st EMI As per BCSBI guidelines, for borrowers classified as Micro and Small Enterprises(MSE) NIL Premature Closure Charges will be applicable for all floating rate loans and for Fixed rate loan facility up to Rs. 50 Lakh, closure to be from Own funds. For MSE customers, 2% takeover charges will be applicable in case of takeover of the loan by another Bank / Financier. Bank reserves the right to enquire or ask the documentary proof of source of funds for closure request of loans. |
| Cheque/ECS Swap Charges | Rs. 500/- per transaction |
| Duplicate Amortisation Schedule Charges | Rs. 200/- per schedule |
| Loan Re-schedulement/Rebooking Charges | Rs. 1000/- |
| Duplicate/Special NOC Charges | Rs. 500/- per instance |
| CIBIL Report Charges(on request) | Rs. 50/- per request |
| Stamp Duty | At actuals |
| Delayed instalment payment charge | 1.50% per month (18% p.a.) plus applicable government taxes on overdue instalment amount |
| Processing fees (Non-Refundable)* | New/Used Loans: up to 1.50% of the Loan Amount |
| Service Charges* | Up to 1.50% of the Loan Amount |
| Valuation charges* | Rs. 900/- per asset |
| Asset verification charges | At Actuals |
| Legal/Collection/Repossession and Incidental chargesIncidental charges are those expenses that are not budgeted or specified but are incurred by the bank on behalf of the customer. | At Actuals |
| Loan Cancellation | In the event of cancellation of loan, interest charges from disbursement date till refund of disbursement amount will be borne by the customer. Processing Fee, Stamp Duty are non-refundable charges and would not be waived/refunded in case of loan cancellation. |
Average Rates offered to customer during the period of Oct to Dec 2023
| Minimum IRR | Maximum IRR | Average IRR |
|---|---|---|
| 7.76% | 17.04% | 9.97% |
Average Annual Percentage Rate offered to customer during the period of Oct to Dec 2023
| Minimum APR | Maximum APR | Average APR |
|---|---|---|
| 7.76% | 17.04% | 9.97% |
*Where ever notified Service Tax and other government levies, as applicable, would be charged additionally at the applicable rates
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