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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.
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 interest on amount drawn in excess of the drawing power Applicable Rate + 6% per annum
Foreclosure charge NA

 

GST, applicable as per the prevailing rates will be charged in addition to these charges.

Bank lending rate range: Q4 FY 21-22 (1st January 2022 to 31st March 2022)

Type of credit facility Maximum Minimum Mean
Loan Against Securities 11.00% 7.00% 9.40%

 

Note:

  •  The range of interest rate provided above is for individual Loan Against Security accounts opened during Q4 FY 2021-2022.
  •  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 interest, stamp duty where ever applicable.

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