Schedule of Charges for Retail (New car, used Car Loan and Personal Loan5)
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Description of charges
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Applicability of Penal Charges on non compliance to Material terms and conditions of Loan agreement as given in the note below #
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| Penal Charges# |
Post disbursement document The PDD charges can be levied on case to case basis after reconciliation of pending cases which are due for update / pending for VIN corrections. |
Non submission of Registration Certificate with Hypothecation not submitted within 90 days from the Disbursal date. Penal charge of Rs. 2500 |
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Cheque /ACH Bounce Charges |
₹500 per bounce for all banks except Gramin & Co-operative banks where per bounce charge is ₹1000 |
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EMI overdue Penal Charges |
36% per annum of overdue EMI |
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Description of charges
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Applicability
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| New Loan Fee |
Loan Agreement Charge |
₹300 |
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PDD (Post Disbursement Document) Charges |
₹400 |
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Document Fee - New car |
₹763 |
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Document Fee - Used car |
₹932 |
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Processing Fee - New Car |
Up to a maximum of ₹5,500 based on Loan Amount |
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Processing Fee - Used Car |
Up to a maximum of ₹5,500 based on Loan Amount |
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Description of charges
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Applicability
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|---|---|---|
| Incidental Charges |
Loan Cancellation Charges |
Applicable before first EMI overdue. In the event of cancellation, the refund of the loan amount needs to be done within the same month of disbursement. A fee of ₹3000 + Interest on the loan amount will be borne by the customer from date of loan disbursement till amount is fully repaid. The processing fee and documents charges will not be refunded. Cancellation beyond 30 days from date of disbursement would be treated as foreclosure and relevant charges will apply. |
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Foreclosure/Part-Prepayment Charges |
Applicable after first EMI payment. 5% of Principal Outstanding for first 12 months |
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Legal, Repossession, Remarketing & Incidental Charges |
At Actuals |
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Cheque/ ECS / ACH swap charges |
₹500 per instance |
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Photocopies of Loan agreement (Upon customer's request) |
₹150 per request |
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Loan Restructure Charges |
Up to Loan outstanding amount of ₹2 lakhs - ₹1,500 | |
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Loan Rescheduling Charges - EMI date Change |
₹1,000 |
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Duplicate NOC fees |
₹500 per NOC |
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NOC Charge for Interstate transfer and other purpose |
₹1,000 per NOC |
NOTE
1. The above fees and charges are effective 3rd May' 2024 and applied prospectively to both individaul and non-individual Customers
2. Loan Agreement charges and PDD charges will be deducted from Loan disbursement amount.
3. Charges and Fees are exclusive of Government Taxes. Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above-mentioned charges.
4. Any service charges not mentioned above will be charged at actuals
5. NRFSI offer Personal loans only to employees of Nissan and Renault Group Companies . Applicable charges to Group employee personal loans are Loan agreement charge, ACH/ Cheque bounce Penal charge and Incidental charge mentioned above.
#Material Terms and Conditions of Loan Agreement
Retail New car and Used car loan
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Group Employee Personal Loan
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Clause 4.2 : Registration Certificate (RC) |
Clause no 3 EMI overdue |
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Clause 9.1 ACH/Cheque bounce back |
Clause no 3.ACH/ Cheque bounce Penal charge |
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Clause 9.1 EMI Overdue |
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Schedule of Penal Charges Wholesale/Floor plan
1. Penal Charges
Description of charges
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Applicability
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Amount of Penal Charges
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|---|---|---|
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Cheque /ACH Bounce Charges |
Cheque/ACH bounce back due to insufficient funds. |
INR 500 or 1000 |
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Penal Charges for Delayed payment of Interest or Principle on the overdue payment. |
Penal Charge for in case of delay in Interest or principle. |
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Delay in EMI Clearance / EMI Bounce / ACH Bounce Charges for Term Loan or any EMI based loan |
Payment delay |
EMI / ACH Bounce: 7% p.a., on the EMI Amount bounced, for delayed period, over and above the regular Rate of Interest for the delayed period (on the principal component in EMI) applicable for the subject Loan as per the sanction letter. For Example, If ROI is 12% for the Term Loan, the total interest and Penal charge would be 19% p.a. on the overdue amount for the overdue period. |
2. Loan related fee/charges other than penal charges:
Description of charges
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Applicability
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Amount of Charges excluding tax
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|---|---|---|
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Ad-hoc limits Processing Fee |
For each Ad-hoc limits Sanction |
₹ 10,000 |
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Facility Pre-closure / Foreclosure charges |
When customer request for foreclosure/part prepayment charges or Loan termination |
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Wholesale Facilities Pre-Closure Processing Charges |
Processing Charges |
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Legal & Incidental Charges |
When the company incur any legal cost in relations to loan account |
At Actuals |
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Stock Audit Charges |
Upon stock audit completion |
₹ 2,500-3000 per dealer location |
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Valuation & Title charges |
Whenever the valuation and Title check performed in line with the Loan agreement |
At Actuals |
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Processing Fee |
At the time of loan Sanction, renewal/enhancement. |
Up to a maximum of maximum of 0.5% on Loan Amount |
Material Terms and Conditions#
✱ Note
1. The above fees and charges are effective 1st August 2024 and applied prospectively Customers
2. Charges and Fees are exclusive of Government Taxes. Good Service Tax (GST), Other Government taxes, Levies, etc., will be applicable as per prevailing rates in addition to the above-mentioned charges.
3. Any service charges not mentioned above will be charged at actuals
#Material Terms and Conditions of Loan Agreement
1. Clause 7: Cheque /ACH Bounce Charges
2. Clause 7: Penal Charges for Delayed payment of Interest or Principle.
3. Clause 7: Delay in EMI Clearance / EMI Bounce / ACH Bounce Charges