The late payment charges are as follows:

  1. Bounce Charges (One-time fee) of upto Rs. 500 + applicable taxes per EMI per instance of default and the same is payable apart from payment of applicable Daily Penal charges
  2. Daily Penal Charges for continuing default in repayment of EMI are upto 0.2% + applicable taxes of the overdue principal amount at an annualized rate of 85% p.a.

 

Important Note:

Bounce Charges & Daily Penal Charges will be applied if the EMI repayment is done after the scheduled due date or if otherwise applicable as per the terms of the Financing Document (collectively referred to as “Overdue Penalty Charges”).

 

Note: The charges mentioned here are effective for loans sanctioned w.e.f. 01-04-2024.