1. Floating rate term loan sanctioned to individual borrowers, with or without co-obligant(s):
- Other than business purpose - NIL
- Business Purpose - 4 % of principal outstanding andlock-in charges as applicable.
2. Floating rate term loan sanctioned to non-individualborrowers: 4% of principal outstanding paid and lock-in charges if any.
3. Fixed interest rate housing loan given to individual:
4. Fixed interest rate non-housing loans (LAP/LRD/CP/GPL/Top-up) given to Individual/NonIndividual borrowers (closed from own/other source): 4% of principal outstanding paid and lock-in charges if any.
Explanation:
In case of Semi-Fixed Loans (fixed for initial period and then floating), the Foreclosure/ Part payment norms will be applicable as per the status (fixed/floating) of the loans as on that particular day.
“Own sources” means any source other than by borrowing from a bank/ HFC/ NBFC and/or a financial institution.
“Fixed rate loan” means a loan is one where the Rate of Interest rate is fixed either for a particular period or for entire duration of the loan.
“Business purpose loan” shall mean:
- Loan against any property/ Top up loans availed forBusiness use such as working capital, business debt consolidation, repayment of business loans, expansion of business, acquisition of business asset,
- Loan for purchase/ renovation/ construction/extension of Non-residential property,
- Lease Rental Discounting