Used Car Loan

Type of fee

Applicable charges

Rate of interest

10% to 19% p.a.

Processing fees

Up to 2.95% of the loan amount (inclusive of applicable taxes).

Flexi facility charge

Term Loan – Not applicable

Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)

Flexi Hybrid Loan (as applicable below)

• Up to Rs. 1,999 (inclusive of applicable taxes) for loan amount less than Rs. 2,00,000.

• Up to Rs. 3,999 (inclusive of applicable taxes) for loan amount from Rs. 2,00,000 to Rs. 3,99,999.

• Up to Rs. 5,999 (inclusive of applicable taxes) for the loan amount from Rs. 4,00,000 to Rs. 5,99,999.

• Up to Rs. 6,999 (inclusive of applicable taxes) for the loan amount from Rs. 6,00,000 to Rs. 9,99,999.

• Up to Rs. 7,999 (inclusive of applicable taxes) for the loan amount of Rs. 10,00,000 and above.

The charges above will be deducted upfront from the loan amount.

*Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Full prepayment (foreclosure)

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

• Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of such full prepayment.

• Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule, during initial and subsequent tenure, on the date of such full prepayment.

Part-prepayment

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

• Not applicable for Flexi variants

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline):

·Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan:

·Up to 0.59% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure.

·Up to 0.295% (inclusive of applicable taxes) of total withdrawable Amount during subsequent tenure.

Bounce charges

Penal charge

Delay in payment of instalment(s) shall attract penal charge up to Rs. 25 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Recovery of charges

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:

Scenario 1: If a loan is disbursed on 1st or post 15th of the month:

For Term Loan, Hybrid Flexi Loan, Flexi Term Loan (Dropline Flexi): BPI amount will be capitalised, i.e. added to principal amount on due date / added to first instalment

Scenario 2: If a loan is disbursed between 3rd and 15th of the month:

First instalment will consist of interest for actual number of days.