Loan Against Tractor

Type of fee

Applicable charges

Rate of interest

Up to 26% p.a.

Processing fees

Up to 3% of the loan amount (inclusive of applicable taxes).

Documentation charges

Up to Rs. 4,720 (inclusive of applicable taxes).

Stamp duty

Payable as per state laws and deducted upfront from the loan amount.

Prepayment charges

Full prepayment (foreclosure) charges

• Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount payable by the borrower on the date of such full prepayment.

Part-prepayment charges

• Term Loan: Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.

Bounce charges

Rs. 1,000 per bounce.

“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Penal charge

Delay in payment of installment (s) shall attract Penal Charge at the rate of 24% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stockyard charges

Recovery of Charges

NOL (No Objection Letter) charges

(To convert from private to commercial or interstate transfer)

Up to Rs. 500 (inclusive of applicable taxes)

Loan rebooking charge

Up to Rs. 1,000 (inclusive of applicable taxes) – In case of rebooking requested by customer

Loan cancellation charge

Up to Rs. 2,360 (inclusive of applicable taxes) - In case of cancellation requested by customer. Interest till cancellation to be borne by customer.

Cancellation allowed till 90 days post disbursal date.