Rural Vikaas Loan - Fees and Charges

Fee and charges for Vikaas Loan

Vikaas Loan offers competitive interest rates and minimal charges. Understanding the fee structure helps make informed financial decisions. Know the breakdown of processing fees, repayment charges and other applicable costs. We prioritise transparency and strive to provide a hassle-free loan experience. Explore the detailed fee structure below and make the most of your Vikaas Loan.

List of Vikaas Loan Interest Rate and Charges

List of all fees and charges for Vikaas Loan (Group Loan)

Charge Type	Vikaas Loans
Interest Rate:	16% to 23.5% per annum (on reducing balance) *
Processing Fee:	1.5% on loan Amount + applicable taxes
EMI Dishonour/ Bounce Charges:	Not Applicable
*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
Penal Charge/Late Payment Charge (LPC):	Not Applicable
Legal/Recovery Charges:	Not Applicable
Foreclosure Charges:	Not Applicable
Charges for documents like Statement of Account/Repayment Schedule /Foreclosure Letter:	Not Applicable

*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.

Typical Fees and Charges on Vikaas Loans

Processing Fee

This is a one-time fee for evaluating your loan application.
It is 1.5% of the total loan amount plus applicable taxes.

Tips to Minimise Fees and Charges for Vikaas Loan

Follow these strategies to reduce Vikaas loan charges effectively:

Compare Offers: Review processing fees and other costs across lenders before applying.
Negotiate Charges: Request a waiver or reduction of fees, especially if you have a strong financial profile.
Pay EMIs on Time: Avoid late payment penalties by setting up auto-debit for EMIs.
Avoid Cheque Bounces: Use reliable payment methods to prevent cheque bounce penalties.
Plan Prepayments: Check prepayment terms and schedule payments to minimise penalties.
Review Terms Carefully: Understand all charges, including hidden costs, before signing the loan agreement