Description of charges
Commercial/Construction Equipment Finance
Cheque bouncing charges
Premature Closure charges*
4% of Principal Outstanding for preclosures within 1 year from 1st EMI
As per BCSBI guidelines, for borrowers classified as Micro and Small Enterprises(MSE) NIL Premature Closure Charges will be applicable for all floating rate loans and for Fixed rate loan facility up to Rs. 50 Lakh, closure to be from Own funds.
For MSE customers, 2% takeover charges will be applicable in case of takeover of the loan by another Bank / Financier. Bank reserves the right to enquire or ask the documentary proof of source of funds for closure request of loans.
Delayed instalment payment charge
1.50% per month (18% p.a.) plus applicable government taxes on overdue instalment amount
New Loans: upto 1% of the Loan Amount
Asset verification charges
Loan Cancellation charges
NIL Charges, Only Interest to be taken from date of disbursement to date of cancellation.
Legal/Collection/Repossession and Incidental charges
upto 1.5% of the Loan amount
Issuance of Duplicate NOC and Special NOC Charges
Rs 500/- wil be charged for Physical copy
Cheque Swap Charges
Repayment Schedule Charges
Bank IRR & Annual Percent Rate(APR) offered for loans extended to individual customers - Quarter ended July to Sep 2023
COMMERCIAL EQUIPMENT LOAN
Property Document Retention Charges @ Rs 1,000 + Taxes per calendar month, after 2 calendar months from the date of closure of all loans/facilities linked to the collateral.
Any payment above Rs. 49000/- should be made vide Account payee Cheque / Pay order /Demand draft.
* NIL foreclosure charges / pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect. Service Tax is also applicable over and above the regular charges.
Where borrower is Micro and Small Enterprises, no prepayment penalty on prepayment of floating rateloans will be charged irrespective of the reference rate used for floating rate loan and irrespective of source of funds (own source of funds or balance transfer from another Bank)
Above charges are exclusive of Government Charges/Taxes and Charges/Taxes will be charged extra
Where can I get a Commercial/Construction Equipment Loan?
Here is the List of PhoneBanking Location or Write to Sarvesh Dixit on firstname.lastname@example.org or Call on 022 33958076