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Service Charges and Fees for Tractor Loans
| Nature of Charges | Description of Charges | Charges applicable |
| Service Charges | Loan Processing fees (non refundable) | Upto 2% + applicable GST |
| Stamp Duty | Applicable as per actual. as per State Stamp Duty Act applicable for the state | |
| Loan Cancellation Charges | 1. Digital Lending - NIL Cancellation within Free Look / Cooling off period, Cancellation post cooling Period & Before 1 EMI date (i.e. from 16th day till 1st EMI date) – Rs. 2,500 + applicable GST | |
| 2. Non Digital - Rs. 2,500 + applicable GST | ||
| Charge for Prepayment/ Foreclosure | Lower of the two options mentioned below + applicable GST | |
| a) 4% of principal outstanding or | ||
| b) Interest outstanding for unexpired period of loan | ||
| Charge for Duplicate No Objection Certificate / No Due Certificate | Rs. 250 + applicable GST | |
| Charge for Revalidation of No Objection Certificate (NOC) | Rs. 250 + applicable GST | |
| Charges for Amortization Schedule | Rs. 200 + applicable GST for physical print out | |
| Nil for digital report | ||
| Charge for repayment mode swap | Rs. 500 + applicable GST | |
| Charges for Statement of account | Rs. 200 + applicable GST for physical print out at the branch | |
| Charge for Prepayment or Foreclosure statement | Rs. 200 + applicable GST for physical print out at the branch | |
| Charge for Loan Documentation and Collection of RC | Rs. 2,000 + applicable GST | |
| Charges for Cash transaction for repayment of EMI dues at Branches | Nil | |
| Penal Charges | Penal Charge for late payment | 5% per annum will be charged on the overdue EMI until repayment plus applicable taxes which may be payable pursuant to the applicable laws and terms and conditions. |
| Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction | Rs. 500/- charges per instance of bounce/return/dishonour of cheques and/or any payment instruction including AD/ECS/NACH/E-mandate | |
| Loan related recovery charges (If applicable) | Legal, Repossession and Incidental charges Incidental charges are those expenses that are not budgeted or specified, but are incurred by the bank on behalf of the customer. | At actuals |
| Charges incurred in SARFAESI proceedings | At actuals | |
| Paper advertisement charges | At actuals | |
| Professional charges | At actuals | |
| Yard charges | At actuals | |
| Charges incurred in sending different notices | At actuals | |
| Overdue Handling Charges (delinquent accounts) | At actuals |
Notes:
1)These rates has considered based on funding of FY23 YTD December 2023.
2) The rate of interest is also based on the quality of assests being funded and its resale value in the market
3) It excludes subsidy and government schemes
4) Mean rate - Sum of the rate of all loan accounts / Number of loan accounts
Annual Percentage Rate (APR) calculation
The Annual Percentage rate calculator is provided to compute annualised credit cost, which includes interest rate and processing fee.
The APR calculator does not include charges like stamp duty, Prepayment charges etc.
To calculate the same, please click here to download the APR calculator.
FARM EQUIPMENT- Inventory Funding
The loan is extended to tractor dealers for better working capital management and managing seasonal demand. Basis the customised needs, three variants are designed- Inventory Funding, Trade Advance and Corporate Linked Flexi Finance (CLFF) offering competitive product features.
Service charges for FE-Inventory Funding.
Nature of Charge |
Description |
Details |
Channel Finance |
Penal Charges |
Penal Charges |
Levied on current Overdue amount |
2% p.a.+ GST as applicable |
Service Charges |
Processing Fee |
Levied on sanction limit |
Up to 1.0% + GST as applicable |
Audit Fee |
Amount |
₹ 2500 + GST wherever applicable |
* Terms and Condition apply
