Penal charges

Sr. No.

Default/non-compliance of terms and conditions of the Transaction Documents for which penal charges may be levied.

 Penal Charges as applicable

1.

Stock Gap (SOT) Charges

Upto 14% + GST (on SOT amount) once SOT is identified for dealers.

2.

Penal charge on overdue amount in Inventory Funding limits

Penal charges upto 18% + GST on overdue/ delays / defaults of any amount payable for inventory limits.

3.

Delayed/Non-Submission of stock statement

Delayed/Non submission of stock statements for DP calculation of CC limits shall attract penal charges of 2% + GST on the utilized limits.

4.

Penal charge on overdue amount in Overdraft / Cash Credit facility

Irregularities in serving monthly interest in cash credit accounts: On entire outstanding if continuously irregular for a period beyond 60 days, in other cases on the irregular portion @2% + GST.

5.

CC Stock audit penal charges

Bank reserves the rights to levy penal charges @2% + GST on the utilized limits in case of non-submission of data or non-cooperation by dealer in completing CC stock audit process.

6.

Delayed instalment payment charge

(For Term Loan)

1.5% p.m. + GST on overdue instalment amount.

7.

Interest on unpaid EMI to be charged

(For Term Loan)

On overdue EMI billed at contractual rate of the underlying loan for the number of days of delay.

8.

Property Document Retention charges

Property documents need to be collected within 60 (sixty) days from the date of closure of loan/ facilities linked to the collateral. Failing which, custody charges of Rs.1000 + GST per month per property