Personal Loan for Home Renovation

• Interest Rate:

  Starting from 10.50% p.a.*

• Processing Fee:

  Up to 4% of loan amount + applicable taxes

• EMI Dishonour/Bounce Charge*
  A bounce charge is a charge for
  (i) dishonour of any repayment 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

  As shown in the table below

• Penal Charge/Late Payment Charge (LPC):

  Up to 2% per month (p.m.) on overdue EMI + applicable taxes

• Part pre-payment

  Up to 5% of prepaid amount + applicable taxes

• Part pre-payment (for Dropline OD)

  NIL, Part pre-payment of Loan will not amount to limit reduction.

• Foreclosure Charges

  Up to 5% of principal outstanding + applicable taxes

• Foreclosure Charges (for Dropline OD)

  Up to 5% + applicable taxes on Dropline limit amount on the date of such foreclosure.

• Annual Maintenance

  Nil

• Annual Maintenance (for Dropline OD)

  0.25% + applicable taxes, on the Dropline limit starting on the 13th Instalment and every anniversary thereafter. In the event the average utilization of the Dropline Limit Facility, calculated based on daily limit utilization of the Borrower, is less than 50% for the preceding 365 days, then the Lender shall charge the Borrower twice the Annual Maintenance Charges as stipulated in the Schedule.

• Document retrieval / Duplicate NOC charges

  Duplicate NOC: Up to Rs. 500/- + applicable taxes (Charge is applicable post 3 free copies)

• Repayment Instrument Swap Charge (per swap):

  Up to ₹500 + applicable taxes (applicable only for branch walk-ins)

• Charges for documents like Statement of Account/Repayment Schedule /Foreclosure Letter & Welcome Kit

  Nil

• Cooling-off/ look-up period during which Borrower shall not be charged any penalty on prepayment of loan

  3 days from the date of disbursement

• Loan Cancellation Fee (post cooling-off period):

  Up to 5% of principal outstanding loan amount + applicable taxes

• Field Collection Service Charge:

  Up to ₹500 per collection + applicable taxes

• Legal Fees & Charges:

  As per actuals or up to ₹30,000, whichever is lower + applicable taxes

• Recovery Charges:

  As per actuals or up to ₹15,000, whichever is lower + applicable taxes

It is also advisable to understand the personal loan interest rate to better understand the overall cost of your home renovation loan.