Features
Pay as you use
Utilize limit when required
What is Merchant OD?
Merchant Overdraft (MOD) is defined as overdraft facility for servicing their working capital needs. MOD facility is provided to self-employed individuals involved in service or trade operations. MOD facility is provided with immovable property as collateral. MOD facility should not be utilized for speculative trading such as investment in capital markets etc.
FAQs
Our Charges
Schedule of Charges
Mean rate and Interest rate range
Annualised Percentage Return (APR)
Schedule of Charges
The below Schedule of Charges are applicable with effect from 01st August 2024
NATURE OF CHARGE/FEE
CHARGES
Processing Fee
Up to 2% of the Sanctioned Limit
Renewal Fee
Upto 2% of the Sanctioned Limit
Enhancement Fee
Up to 2% of the Sanctioned Limit
Expiry of Limits / Non-Renewal Charges / Non-perfection of asset / Covenant not complied with Sanctioned Conditions
Upto 24% per annum on the Utilised Limit for the period of non-compliance
Overdrawn Charges i.e. Charges Drawal in Excess of the Sanctioned Limit
Upto 24% per annum on the overdrawn amount in excess of the drawing power for the period of non-compliance
Commitment Charges
Upto 0.5% per annum on the Unutilized Portion of the Sanctioned Limit if the quarterly average utilization in a calendar quarter is 50% of limit or less
Pre-payment/Fore-closure Charges with own funds
Upto 3% of the Sanctioned Limit
Pre-payment/Fore-closure Charges in case if loan is taken over by other financial institutions (banks/NBFCs)
Up to 5% of the Sanctioned Limit
Mortgage Creation/ Release Charge
As per applicable state laws
Stamp Duty
As per applicable state laws
Credit Shield
As Applicable
Stock Insurance
As Applicable
Property Insurance
As Applicable
CERSAI Charges
Rs.50/- for Sanctioned Limit up to Rs.5 lakhs and
Rs.100/- for all other Sanctioned Limit
Cheque Bounce Charges
Rs.500/- per instance
Charges for providing photocopy of documents
Rs.500/-
Charges for providing physical Statement of Accounts/No due certificate - More than once in six months
Rs.500/-
Charges for providing physical Statement of Accounts/No due certificate - Once in six months
Nil
Documentation Charges
Rs. 2,580/-
- Good and Services Tax (GST) will be charged extra as per the applicable rates, on all the
charges and fees (Wherever GST is applicable)
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