Switching from the floating rate scheme to the fixed rate scheme and vice versa is permissible. If a fixed rate customer wants to reschedule a loan to the present fixed interest rate applicable to the new customers, the same is also permissible. The existing customers can also switch over to the new rate of interest applicable for the new customer. For all of the above changes, a nominal switching fee is applicable.
|Charges for changing from fixed to floating rates of interest
||Charges for changing from floating to fixed rates of interest
||Charges for Higher Fixed Rate to Lower Fixed Rate
||Charges for Higher Floating Rate to Lower Floating Rate
|2% of the outstanding Loan amount
||1% on the outstanding principal with a minimum of Rs.10,000/-
||0.5% on outstanding principal with minimum Rs.10,000/-
||0.5% on outstanding principal with a minimum of Rs.10,000/-
* Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable).
* For Partly Disbursed cases, charges would be calculated on total outstanding principal + undisbursed
portion of sanctioned amount.