Car Loan Processing Fees & Charges

Description of Charges

Asset Segment

Processing Fees

New Car

Used Car

Processing Fee Amt

Processing Fee Amt

Non Refundable Loan Processing Fees

All Bands

₹ 999 to ₹ 8,500 + applicable GST

2% of the loan amount or ₹ 20,000 + applicable GST, whichever is lower

SR. NO.

Charges & Interest

Amount

A

On Application

i.

Loan documentation charges

₹ 650 + applicable GST

ii.

Registration Certificate (RC) Collection Fees

₹ 600 + applicable GST

iii.

Stamp duty charges

At actuals as per State Stamp Duty Act + applicable GST

iv.

Valuation Charges (For Used Car)

₹ 800 + applicable GST

v.

Information Utility Charges (Only for Corporate Cases)

₹ 300 + applicable GST

B

During the term of Loan (Details about contingent charges)
Penal Charges

i.

Part Payment Charges

No prepayment for loan seasoning upto 6 months.
Part prepayment Charges:
6% for loan seasoning upto 12 months
5% for loan seasoning between 13 to 24 months
3% for loan seasoning above 24 months

ii.

Late Payment Charges

2% per month on overdue EMI

iii.

Cheque/AD/ECS Bounce Charges

₹ 500 + applicable GST

iv.

Loan Cancellation Charges 

₹ 2,000 + applicable GST

C

Service Charges

i.

Duplicate Repayment/Amortization schedule charges

₹ 150 + applicable GST (for physical report), Nil for digital report

ii.

Statement of Account charges

₹ 150 + applicable GST (for physical report), Nil for digital report

iii.

Prepayment statement charges

₹ 150 + applicable GST (for physical report), Nil for digital report

iv.

Duplicate No Objection Certificate / No Due Certificate charges

₹ 250 + applicable GST

v.

Revalidation of No Objection Certificate charges

₹ 250 + applicable GST

vi.

No Objection Certificate for conversion from Petrol to LPG/CNG charges

₹ 400 + applicable GST

vii.

No Objection Certificate to convert from private to commercial or from commercial to private charges

₹ 2,000 + applicable GST

viii.

Repayment mode swap charges

₹ 500 + applicable GST

ix.

Cash Transaction Charges (for repayment of EMI dues in cash at branches)

₹ 100 + applicable GST

x.

Prepayment charges (On Foreclosure)

Upto 12 Months*: 3% + applicable GST
13 to 24 Months*: 2% + applicable GST
After 24 Months: Nil prepayment charges
*Nil Prepayment charges on all fixed rate loans if loan is booked under priority sector lending and Borrower(s) type is Small or Micro & Loan amount is less than or equal to Rs. 50 Lacs. Further, Nil prepayment charges on all floating rate loans to individuals for purposes other than business or if Borrower(s) type is Small or Micro in accordance with MSE Code of Commitment

D

Loan related recovery charges (If applicable)

i.

Auction charges for repossessed asset

At actuals

ii.

Cash transaction charge for repayment of EMI dues at Branches

₹ 100 + applicable GST

iii.

Charges incurred in filing legal suit

At actuals

iv.

Charges incurred in SARFAESI proceedings

At actuals

v.

Charges incurred in sending different notices

At actuals

vi.

Enforcement charges

At actuals

vii.

Non Maintenance of Mode of Payment charges (NMMP)

₹ 800 + applicable GST

viii.

Overdue Handling Charges (Delinquent accounts)

i. Rs.750 where a notice has been delivered at the communication address and a paper publication is not required; ii.Rs.1,700 where no notice has been delivered at the communication address and the paper publication is to be done; iii.Rs.300 charge for sending auction notice, over and above the preceding points i and ii; iv. Rs.200 for sending loan recall notice over and above the preceding points i and ii

ix.

Paper advertisement charges

At actuals

x.

Pick-up charges

₹ 500 + applicable GST

xi.

Professional charges

At actuals

xii.

Repossession charges

At actuals

xiii.

Yard charges

At actuals

xiv.

Security guard charges

At actuals

Fee refundable if loan not sanctioned / disbursed

Non - Refundable