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Loan Against Securities
Service Charges
Interest is charged only on the amount drawn and for the period for which it is utilized. Interest is calculated on a daily basis and debited to your current account on the last Working day of every month. The amount debited has to be paid back on same day by you into the current account to regularize it. Stamp duty varies from state to state.
| Description of Charges | Loan Against Securities |
|---|---|
| Non Refundable Loan Processing charge | Rs. 3500 plus applicable GST. CARLB Cases : 0.50% of the loan amount subject to a minimum of Rs. 5000 plus applicable GST. For Insta LAS : Rs.500, plus applicable taxes and other statutory levies (payable during the application for the Facility) |
| Non Refundable Renewal charge | Rs. 2500/- p.a. plus applicable GST on renewal at the end of each year. |
| Charge for changing from fixed rate of interest to floating rate of interest | N.A |
| Charges for changing from floating rate of interest to fixed rate of interest | N.A. |
| Sale of Securities in the event of Customer request | Rs. 5,000 /- plus applicable taxes and brokerages if any per instance |
| Description of Penal Charges | Loan Against Securities |
|---|---|
| Penal Charge, in the event of default/delay in payment/repayment of any part of the loan amount on due date | Penal charge shall be equal to 5% per annum on the overdrawn sum from the date the LAS account becomes overdrawn to the date on which such account is regularized, plus applicable taxes or other statutory levies, if any. |
| Foreclosure charge | NA |
GST, applicable as per the prevailing rates will be charged in addition to these charges.
Bank lending rate range: Q4 FY 23-24 (1st January 2024 to 31st March 2024)
| Type of credit facility | Maximum | Minimum | Mean |
|---|---|---|---|
| Loan Against Securities | 19.50% | 08.50% | 10.42% |
Note:
- The range of interest rate provided above is for individual Loan Against Security accounts opened during Q4 FY 2023-2024.
- It includes various categories like fixed rate, floating rate and customer profile
- The mean rate of interest is computed basis sum of each rate of interest charged/sum of the number of accounts opened
Annual Percentage Rate
The Annual percentage rate calculator is provided to compute annualised credit cost which includes interest and processing fees.
Net interest which will be displayed will be based on inputs.
The APR does not include penal charge, stamp duty where ever applicable.
To calculate the same, please click here to download the APR calculator.
