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LOAN CHARGES - URBAN
All charges mentioned in the below table are in INR (₹).
The below charges will be applicable with effect from 4th November, 2019
| Product Type | Personal Loan Salaried | Personal Loan Self Employed | Two Wheeler Loan | Loan against property/LRD | SME Loan | Commercial Vehicle Loan | |
|---|---|---|---|---|---|---|---|
| Delayed EMI Payment Interest ( per month of delay, every month) | As stated under additional interest charge* | As stated under additional interest charge* | 250 | As stated under additional interest charge* | As stated under additional interest charge* | As stated under additional charges* | |
| Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation) | 300 | 300 | 300 | 300 | 300 | 300 | |
| Swap Charges- for replacement of Post-dated cheques to ECS (per instance) | 500 | 500 | 500 | 500 | 500 | 500 | |
| Loan Cancellation charges (loan cancelled before first EMI) | 1000 | 1000 | 1000 | 5000 | 5000 | Stamp Duty plus 1500 before encashment of the loan disbursement cheque. Else Loan prepayment charges apply. | |
| Duplicate NOC/ NOC Revalidation | NA | NA | 250 | NA | NA | 250 | |
| Processing Fees | Between 0% - 6% of the loan amount | Up to 6.5% of the Loan Amount |
1,000 for loan amount up to 30,000 1300 for Loan amount over & above 30,000 |
Up to 3% of the loan amount |
Up to 3% of the loan amount | Up to 2% of the loan amount | |
| CERSAI charges | NA | NA | NA |
110 per collateral for Loan Amount up to 5 Lakhs and 210 per collateral for Loan Amount above 5 Lakhs |
110 per collateral for Loan Amount up to 5 Lakhs and 210 per collateral for Loan Amount above 5 Lakhs |
NA | |
|
*Additional Interest (applicable for payment defaults): 24% per annum on outstanding balance which is overdue, calculated on day to day basis Rate of interest conversion fee - an amount not exceeding one (1) per cent of the loan amount sanctioned (SME loans / Loan against Property & LRD)
|
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Loan Foreclosure Charges**
|
| No. of EMIs paid (Excluding Pre-EMI) |
Foreclosure charges for Personal Loan (Both Salaried & Self Employed) |
Foreclosure charges for Business Loan (Unsecured) |
|---|---|---|
| 0 to 17 EMI(s) fully paid | 7% of the Principal Outstanding | 7% of the Principal Outstanding |
| 18 to 23 EMI(s) fully paid | 5% of the Principal Outstanding | 5% of the Principal Outstanding |
| 24 to 35 EMI(s) fully paid | 3% of the Principal Outstanding | 3% of the Principal Outstanding |
| 36 or more EMI(s) fully paid | No Foreclosure Fee | No Foreclosure Fee |
Note: ** No Foreclosure Charges / Prepayment penalties will be applicable on any floating rate term loan sanctioned for purpose other than business to individual borrowers, with or without co-obligant(s)
Loans Against Property/LRD Part Pre-Payment Charges
- Part Pre-payment will be allowed only once in a Financial Year after borrower has paid first 12 EMI fully to the satisfaction of FICCL
- All the Pre-payments would attract charges as above
Home Purchase Loan(Home Loan):
No pre-payment charges shall be payable for partial or full pre-payments irrespective of the source.
Additional Interest( applicable for payment defaults )- An amount not exceeding (0.7) per cent per annum on the principal amounts outstanding under the loan payable from the relevant due date until the date of actual payment / rectification of default.
All charges mentioned above are exclusive of tax on services and the borrower shall be liable to pay tax on services as applicable. Fullerton India Credit Company Ltd ("FICCL") reserves the right to revise the above charges from time to time and any change in the rates/charges etc. would be displayed on the company website and intimated under "Loan Charges".
Any unbanked/unused cheques of the Borrower(S) as issued in favour of FICCL with regard to the loan and presently in custody of FICCL will be cancelled and/or destroyed immediately after closure of the loan either by way of maturity or prepayment of loan and/or otherwise without any further notice.
Please note that refunds towards any excess monies paid will only be applicable if the refund amount is greater than INR 250/-. Further, if the refund is required to be effected by means of a cheque, processing charges of INR 100 shall be payable.
All payments made towards your Loan account via cheque/DD, to be made payable to
'Fullerton India Credit Company Limited'.
LOAN CHARGES – RURAL (GRAMSHAKTI)
Card fee for new Customer / Documentation / Processing Fee
| Product | Processing fee %* |
|---|---|
| SG | 1.5 -2.5% |
| Emergency Loan | NA |
| Garima Loan | 2% |
| Merchandise Loan | NA |
| Consumer Durable Loan | NA |
| SSL | 1-4% |
| TW & Raftaar | 0 - 5% Default Rate : 3% |
| GEL/GEL Plus/Smart GEL | 3% |
| Samriddhi Loan | 3% |
| Mortgage** | 2% or Rs.15,000/- (whichever is lower) |
*Includes stamp duty charges for all non-mortgage products wherever applicable.
Foreclosure charges
| Product | Foreclosure charges |
|---|---|
| SG | NIL |
| Emergency Loan | Same as SG Loans |
| Garima Loan | >180 days - 4% |
| Merchandise Loan | NIL |
| SSL | Up to 180 days - 5% >180 days – 2% |
| Consumer Durable Loan | >90 days- 3% |
| TW** | >180 days - 3% |
| Raftaar Loan** | >180 days - 3% |
| CV | >365 days - 3% |
| 3W | >365 days - 3% |
| GEL# | >180 days - 5% |
| SmartGEL # | >180 days - 5% |
| GEL Plus # | >180 days - 5% |
| Samriddhi Loan | >180 days - 5% |
| Hypothecation | >365 days - 5% |
| Mortgages |
1. No part pre-payment of the Loan shall be allowed until the Borrower has paid the first six (6) EMIs fully. 2. No part-prepayment charges shall be applicable for part pre-payment upto a maximum of 25% of the outstanding Loan amounts once in a given financial year. 3. In case of part pre-payment of the Loan after payment of first six (6) EMIs but before payment of first twelve (12) EMIs, prepayment charges at the rate of 4% of the Principal loan amount outstanding on the date of prepayment; 4. Any part pre-payment in excess of twenty five (25) percent of the outstanding Loan amounts or a full prepayment of the loan shall attract prepayment charges as follows:
|
**Foreclosure not allowed before 180 days; however if loan foreclosure is granted for a case 180 days under any circumstances then a foreclosure charge of 3% applicable will be applicable for TW/Raftaar (as per Fullerton India’s policy & procedures).
#Foreclosure not allowed before 180 days. However, in case of loan foreclosure within 180 days under any circumstances for a case, then a foreclosure charge of 5% will be applicable.
Late payment penalty, Bounce Cheque charges
The below charges will be applicable with effect from 4th November, 2019
| Product | Penal Interest / Additional Interest~ | Bounce Charges |
|---|---|---|
| SG & SG Plus | NIL | NIL |
| Garima Loan | 37%* | NIL |
| Merchandise Loan | NIL | NIL |
| SSL | 30%* | INR 300 |
| Consumer Durable Loan | NIL | NIL |
| TW | 30%* | INR 300 |
| Raftaar loan | 30%* | INR 300 |
| GEL | 37%* | INR 300 |
| GEL Plus | 37%* | INR 300 |
| Smart GEL | 37%* | INR 300 |
| Samriddhi Loan | 37%* | INR 300 |
| Mortgage | 25%* | INR 300 |
*Variable charge on overdue EMI amount at annualized rate.
Note:
(a) All penal and bounce charges mentioned above are inclusive of applicable taxes.
(b) Penal interest / Additional Interest recognized on cash basis.
*On overdue EMI.
Hypothecation & Solidarity Group Loans
- The interest rate for Hypothecation Loans ranges from 22% to 32% per annum
- The interest rate for Solidarity Group Loans ranges from 23% to 25% per annum
Here’s a table of Fees and Charges related to Hypothecation Loans to help you understand the same in detail,
|
Type of Fees |
Charges Applicable |
|
Delayed EMI Payment Interest ( per month of delay, every month) |
As stated under additional interest charge* |
|
Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation) |
30 |
|
Swap Charges- for replacement of Post-dated cheques to ECS (per instance) |
500 |
|
Swap Charges- for replacement of ECS to ECS (per instance) |
500 |
|
Loan Cancellation charges (loan cancelled before first EMI) |
5000 |
|
Processing Fees |
An amount not exceeding Three (3) per cent of the Loan Amount sanctioned |
|
CERSAI charges |
For loan amount less than/equal to 5 Lacs, deduction will be 110/- per collateral |
*Additional Interest (applicable for payment defaults):
- For loans below 5 Cr. - An amount not exceeding zero point seven (0.7) per cent per annum
- For loans exceeding 5 Cr. - an amount not exceeding zero point five (0.5) per cent per annum
on the Principal amounts outstanding under the Loan payable from the relevant due date until the date of actual payment / rectification of default.
**Additional Interest (applicable for payment defaults) 0.75% per month on the outstanding principal loan amount (for both salaried and self-employed Personal Loans).
***Additional Interest (applicable for payment defaults) An amount not exceeding zero point five(0.5) per cent per annum on the Principal amounts outstanding under the Loan payable from the relevant due date until the date of actual payment / rectification of default.
Rate of interest conversion fee - an amount not exceeding one (1) per cent of the loan amount sanctioned ( Loan Against Property/LRD)
|
Within 6 months from the Agreement Date |
5.00% |
|
Within 7 months to 12 months from the Agreement Date |
5.00% |
|
Within 13 months to 24 months from the Agreement Date |
5.00% |
|
Within 25 months to 60 months from the Agreement Date |
4.00% |
|
Within 61 months to 84 months from the Agreement Date |
3.00% |
|
After 84 months from the Agreement Date |
3.00% |
Loans Against Property/LRD Part Pre-Payment Charges
- Pre-payment will be allowed within 0 – 24 MOB - 5% of the prepaid loan amount
- Pre-payment will be allowed within 25 – 60 MOB - 4% of the prepaid loan amout
- Pre-payment will be allowed 61 and above MOB - 3% of the prepaid loan amout
- Part Pre-payments will be allowed only once in a Financial Year.
To avoid late payment charges, you can make your EMI online by visiting our payment page.
