Microfinance Interest Rates
| Description | MEL Loans MFI ( ML / MU) |
|---|---|
| Sub-Product | Unsecured |
| Cheque Bounce Charges | Rs.350 |
| Overdue Interest | 26% (on the overdue amount) |
| Prepayment Charges in case of Floating Rate of Interest. This is applicable for loans booked in RCL. (Applicable for Individual) | Prepayment charges won't be applicable to the below: Indvl App with Indvl Co-App Only Indvl App Prepayment charges will be applicable to the below: Indvl App with Corp/Partnership Co-App Corp/Partnership App with Indvl Co-App Indvl App with Indvl Co-App & Corp/Partnership Co-App All Non-Individual App and Co-app Pl note the below points (This is applicable for Individual base loans irrespective of app, co-app and guarantor) 1. No cap on accepting the Part-prepayment amount. 2. Miniumum of six months from the date of disbursement to closure date is not applicable. |
| Cheque Swapping Charges | Rs 500 per swap |
| Prepayment Charges | i) 5% + G.S.T. within 12 months of disbursement, ii) 3% + G.S.T thereafter |
| Part - prepayment Charges | NA |
| Loan cancellation Charges 1. on Customer Request - Chargeable on Customer 2. Upon RCF request - No charges to be collected | Rs.1500 |
| Loan reschedulement charges : a) EMI Cycle Date Change b) Tenure/EMI Reschedulement | Rs.2000 3% of POS |
| NOC Issuance charges | First "Nil", Duplicate Rs.500 |
| Legal / Collection/ Repossession & Incidental charges | As per Actuals |
| Loan Renewel Charges | NA |
| Valuation Charges | NA |
| Cash Handling Charges | 1% + applicable taxes for cash receipts of Rs.50K (Max cash limit Rs 1,99,999.) |
| SPDC retrieval Charges for swap, matured, preclosure and customer induced cancellations | Rs.300/- at the time of Preclosure/Swap/Matured/Customer Induced cancellations. Rs.450/- upto sixty days from the day of Preclosure/Swap/Matured/Customer Induced cancellations. |
| Charges on Part Disbursement | |
| Charges on Duplicate NDC 2 & 25 | Rs.500/- per LAN |
| Prepayment Statement Charges | Rs.200/- |
| Disbursement Cheque Revalidation | Rs.300/- |
| Description | MEL Loans MFI ( ML / MU) |
|---|---|
| Sub-Product | Secured |
| Cheque Bounce Charges | Rs.350 |
| Overdue Interest | 26% (on the overdue amount) |
| Prepayment Charges in case of Floating Rate of Interest. This is applicable for loans booked in RCL. (Applicable for Individual) | Prepayment charges won't be applicable to the below: Indvl App with Indvl Co-App Only Indvl App Prepayment charges will be applicable to the below: Indvl App with Corp/Partnership Co-App Corp/Partnership App with Indvl Co-App Indvl App with Indvl Co-App & Corp/Partnership Co-App All Non-Individual App and Co-app Pl note the below points (This is applicable for Individual base loans irrespective of app, co-app and guarantor) 1. No cap on accepting the Part-prepayment amount. 2. Miniumum of six months from the date of disbursement to closure date is not applicable. |
| Cheque Swapping Charges | Rs 500 per swap |
| Prepayment Charges | Cases disbursed since. 0 to 12 months: - 5% of the POS 13 to 24 months: - 4% of the POS 25 and beyond: - 3% of the POS *The Preclosure charges is exclusive of Service Tax & Education Cess. ++ Add applicable S.T. to the Preclosure Charges |
| Part - prepayment Charges | NA |
| Loan cancellation Charges 1. on Customer Request - Chargeable on Customer 2. Upon RCF request - No charges to be collected | Rs.2000 |
| Loan reschedulement charges : a) EMI Cycle Date Change b) Tenure/EMI Reschedulement | Rs.2000 3% of POS |
| NOC Issuance charges | First "Nil", Duplicate Rs.500 |
| Legal / Collection/ Repossession & Incidental charges | As per Actuals |
| Loan Renewel Charges | NA |
| Valuation Charges | NA |
| Cash Handling Charges | 1% + applicable taxes for cash receipts of Rs.50K (Max cash limit Rs 1,99,999.) |
| SPDC retrieval Charges for swap, matured, preclosure and customer induced cancellations | Rs.300/- at the time of Preclosure/Swap/Matured/Customer Induced cancellations. Rs.450/- upto sixty days from the day of Preclosure/Swap/Matured/Customer Induced cancellations. |
| Charges on Part Disbursement | |
| Charges on Duplicate NDC 2 & 25 | Rs.500/- per LAN |
| Prepayment Statement Charges | Rs.200/- |
| Disbursement Cheque Revalidation | Rs.300/- |
GST, as notified by the Government of India, is applicable on all fees, interest and other charges and is subject to change as per relevant regulations of the Government of India.
Terms and conditions apply.
All loans are disbursed at the sole discretion of Reliance Commercial Finance Limited. All information herein is subject to change without notice. Under no circumstances cash, bearer or blank cheque or kind should be given to any executive in connection with the loan application. Kindly note that all post dated cheques and transaction charge cheques should be crossed and issued in favour of “Reliance Commercial Finance Limited”.
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