Delay Charges Policy :
Delay charges are applied to the unpaid EMI amount after the due date, based on the disbursed loan rate of interest. These charges are calculated daily starting from T+1, where T is the due date, and they continue to accrue until the payment is settled in full.
Late Payment Charges Policy :
If the EMI is not paid by the due date, a late payment charge is levied on 4th of the month according to the following slabs:
| Unpaid EMI (₹) | Late Payment Charges (₹) |
|---|---|
| 1,000 to <2,000 | 200 |
| 2,000 to <6,000 | 600 |
| 6,000 to <10,000 | 800 |
| ≥10,000 | 1,000 |
Key Points to Note:
- Late payment charges are fixed and determined by the corresponding slab.
- These charges are not capitalized and will not be added to the unpaid EMI amount.
- Unpaid EMIs are not cumulated; each EMI is treated independently for late payment charges.
Example:
If an EMI of ₹7,000 remains unpaid, a late payment charge of ₹800 will apply.