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Penal charges
Auto & Two Wheeler Funding
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. |
Tractor & CV CE INF Funding
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 | Tractor & CV CE INF Funding: SOT upto 10% to 20% -Rs.10000/-+GST for Tractor INF and Rs.25000/-+GST for CV CE INF dealers per instance. SOT above 20% Rs.25000/- +GSTfor Tractor INF and Rs.50000/-+GST for CV CE INF dealers per instance |
2 | Penal charge on overdue amount in Inventory Funding limits | Tractor & CV CE INF Funding: Penal charges 4% p.a + GST on overdue/ delays / defaults of any amount payable for Tractor and CV CE INF and TA dealers. |
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 | Tractor & CV CE INF Funding: Penal charges 4% p.a + GST on overdue/ delays / defaults of any amount payable for Tractor and CV CE INF and TA dealers. |
5 | CC Stock audit penal charges | Tractor & CV CE INF Funding: Delayed/Non submission of stock statements consecutevily for the 2 months for DP calculation of CC limits shall attract penal charges of Rs.5000/+ GST per instances on the utilized limits. |
6 | Delayed instalment payment charge | Tractor & CV CE INF Funding: NIL |