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Service Charges and Fees for Tractor Loans
| Nature of Charges | Description of Charges | Charges applicable |
| Service Charges | Loan processing charges (non-refundable) | Up to 2% + applicable GST |
| Stamp duty charges | At actuals as per the State Stamp Duty Act, applicable for the State | |
| Loan Cancellation Charges | 1.Digital lending: Nil if the loan is cancelled within the free look/ cooling off period. If the loan is cancelled post the cooling off period & before the 1st EMI date (i.e. from 16th day till the 1st EMI date) – Rs 2,500 + applicable GST |
|
| 2. Physical lending - Rs 2,500 + applicable GST | ||
| Prepayment/ Foreclosure charges | Lower of the two options mentioned below + applicable GST | |
| a) 4% of principal outstanding or | ||
| b) Interest outstanding for unexpired period of loan | ||
| Duplicate No Objection Certificate /No Due Certificate charges | Rs. 250 + applicable GST | |
| Revalidation of No Objection Certificate (NOC) charges | Rs. 250 + applicable GST | |
| Amortisation Schedule charges | Rs 200 + applicable GST for physical report | |
| Nil for digital report | ||
| Repayment mode swap charges | Rs. 500 + applicable GST | |
| Statement of Account charges | Rs 200 + applicable GST for physical report at the Branch | |
| Prepayment or Foreclosure Statement charges | Rs 200 + applicable GST for physical report at the Branch | |
| Loan documentation and collection of RC charges | Rs 2,000 + applicable GST | |
| Cash transaction charges (for repayment of EMI dues in cash at the 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 as per the applicable laws and Terms and Conditions. |
| Penal Charge for dishonour of Cheque/AD/ECS/NACH per transaction | Rs 500 per instance of bounce/return/dishonour of Cheques and/or any payment instructions 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.
Interest rate range Q4 Jan' 2024 To Mar' 2024
| Type of credit facility | Max | Min | Mean |
| Tractor | 22.30% | 12.50% | 15.60% |
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
