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- Penal Charges ECG
Enclosed below are applicable penal charges for Emerging Corporates Group (ECG)
| Type of Charge | Description of Charges | ||||||||||||||||
1 | Foreclosure charges | Upto 2% of loan Outstanding for Term loan and upto 2% of the sanctioned amount for Working Capital facilities, plus taxes, as applicable. Micro & Small Enterprises as defined under MSMED Act 2006 are exempted irrespective of the limits/out standings. However, if a loan is taken over by other Banks/FIs, upto 2% takeover charges will be applied | ||||||||||||||||
2 | Not complying with documentation for credit facilities (inc. documentation as per accepted sanction letter) | 2% over the contracted rate on the amount outstanding | ||||||||||||||||
3 | Late payment penalty on delayed payment of EMI- Term Loan | Upto 24% per annum (plus taxes) on the overdue EMI amount | ||||||||||||||||
4 | Penal charges on customer exposures, overdue for renewal of credit facilities, | 2% over the contracted rate of transaction from the date of renewal overdue | ||||||||||||||||
5 | Breach of facility covenants (if any | At the time of annual renewal wherever applicable, 2% of sanctioned limits as per accepted sanction letter | ||||||||||||||||
6 | EMI bounce charges for term loan | Rs 450 (plus taxes) Per EMI bounce | ||||||||||||||||
7 | Penal charges for customers not submitting the Letter Acknowledging their Debt (LAD) | 18% from the date of LAD overdue, subject to a minimum of Rs.2500 per month | ||||||||||||||||
8 | Non-Submission of property/stock/Plant & Machinery insurance | Rs. 5000 per week from the due date recovery to be done on quarterly basis | ||||||||||||||||
9 | Non-Submission of stock statement | Overdue upto 10 days after end of grace period = NIL; | ||||||||||||||||
10 | Maintaining Current Account with Other Bank while facility is granted under Sole Banking (Applicable where specific permission is not taken by the customer). Notice to be sent for immediate closure | 0.075% fortnightly from the date identified, till the closure. | ||||||||||||||||
11 | Delay in submission of trade related documents i.e., IDPMS & EDPMS |
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Note: Please note that above list of charges is not exhaustive in nature. Bank reserves the right to communicate details of any other charges to you and accordingly levy the same wherever applicable.