In this scenario, broken period interest is recovered by the following methods: Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged: 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registeredīroken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios: The effective date of levying of penal interest shall commence from the date of committing the default, unless otherwise communicated to the borrower(s) in writing before the penal interest is levied. Default of other condition(s): In case of breach of terms of the loan agreement and/ or sanction letter terms, including but not limited to non-submission of requisite documents to BFL, it shall attract penal interest at the rate of 1% per annum on the loan amount till the date of rectification of such default to the satisfaction of BFL. Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum on the monthly instalment outstanding, from the date of default until the receipt of monthly instalment.Ģ. Penal interest is applicable in the following scenarios:ġ. In case of default of repayment instrument, Rs. Not applicable for subsequent loan tenure. Note: If all borrowers and co-borrowers are individuals, loan availed on floating interest rates, and loan taken for purposes other than business use, then there will be no foreclosure/ part-prepayment charges.įlexi Term Loan (Flexi Dropline): Not applicableįlexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during Initial loan tenure. Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi.Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment.Up to 3.54% of the loan amount (inclusive of applicable taxes) Rate of interest (floating rate of interest) We advise you to read about our fees and charges thoroughly before applying.
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