Key features

Interest Rate and Charges

DescriptionMinimumMaximum
Loan Amount ₹ 10,000 ₹ 15,00,000
Loan Tenure 6 months 12 months

 

Interest rate range: (April 2016 to June 2016, Q1 (FY 16-17))

 

MinimumMaximumMeanPenal Interest
10.0% 16.5% 13% 6%#

 

#Penal Interest is not applicable for agricultural loans up to ₹ 25,000 per customer.

 

Charges:

 

ParticularsTwelve months productSix months product
Processing Fees 1.0% of loan amount 1.0% of loan amount
Prepayment Fees** 1% of Principal Outstanding 1% of Principal Outstanding
Documentation Charges ₹ 199 NA
Renewal Fees

For loans:

  • Upto ₹ 1 Lacs - ₹ 250
  • Greater than ₹ 1 lacs – upto ₹ 2 Lacs - ₹ 350
  • Greater than ₹ 2 Lacs - ₹ 500
Stamp Duty and other statutory charges As per Applicable laws of the State

 

Note: Service Tax and other taxes are also applicable.

The above fees will not be applicable for agricultural loans up to ₹ 25,000 per customer.

**Prepayment fees for six months product will apply if the account gets closed within 5 months and for one year product if the account gets closed within 11 months.

 

Annual Percentage Rate:

 

The Annual Percentage Rate (APR) is a method to compute annualised credit cost, which includes interest rate and processing fee.

 

To calculate the same, please click here to download the APR calculator.