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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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