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Charges & Fees
As per Agreement Schedule- III Fees & Charges
| Service Charges for Car Finance, Two Wheeler & Top Up Loans | ||
|---|---|---|
| S.No. | Description | Charges |
| 1 | Part / Full Pre-payment charges on Principal Outstanding | 5.21%+GST |
| 2 | Issue of Duplicate Copy of the Agreement/Duplicate NOC/ NOC of duplicate Registration Certificate | Rs.885/- |
| 3 | Cancellation of Contract (other than foreclosure and prepayment charges)at specific request of the Borrower and agreed by the Lender> | Rs.2000/- + Interest calculated at Customer ROI for number of days between the date of disbursement and the date of receipt of funds, at specific request from customer for cancellation of contract. |
| 4 | Collection Charges for Clearing Mandate (per mandate) | At actuals |
| 5 | Clearing Mandate swap Charges | Rs.500 per swap |
| 6 | Repayment Schedule/Account Outstanding Break up statement | Rs.885/- |
| 7 | LPG \CNG NOC | Rs.885/- |
| 8 | Statement of Account (Physical) | Rs.885/- |
| 9 | NOC for Interstate Transfer | Rs.885/- |
| 10 | NOC for Commercial to personal use | Rs.885/- |
| 11 | NOC to Convert from Private to commercial | Rs.885/- |
| 12 | Legal / Collections / Incidental Charges | At Actuals |
| 13 | Repossession Charges | At Actuals |
| 14 | Amalgamation / Transfer of Equity | 3% or Rs. 3000/- whichever is higher |
| 15 | Any Other (If Applicable) | |
| 16 | Dishonour Charges per Clearing Mandate | Rs.750/- |
| Penal Charges for Car Finance, Two Wheeler & Top Up Loans | ||
| 1 | Delayed Payment / Late Payment Charges on Overdue | 18% p.a |
| Service Charges for Loan Against Property | ||
| 1 | Issue of Duplicate copy of the Agreement / Duplicate NOC | Rs.885/- |
| 2 | Cancellation of Contract (other than foreclosure and prepayment charges ) at specific request of the Borrower and agreed by the Lender | Rs.25000/-. |
| 3 | Collection Charges for Clearing Mandate (per mandate) | At Actuals |
| 4 | Clearing Mandate swap Charges | Rs.500 per swap |
| 5 | Repayment Schedule/Account Outstanding Break up statement ( Physical) | Rs.885/- |
| 6 | Part / Full Pre-payment charges ( Non-individual borrowers for all purposes and by individual borrowers for business use) | Fees on Part or Full Prepayment – Charges of 4% + GST on the principal outstanding after completion of 12 months tenure. |
| 7 | Statement of Account ( Physical copy) | Rs.885/- |
| 8 | Foreclosure Report | Rs. 885/- |
| 9 | Legal / Collections / Incidental Charges | At Actuals |
| 10 | Repossession Charges | At Actuals |
| 11 | Commitment charges | 2% of undisbursed amount |
| 12 | Switch charges for rate reduction | 0.50% of Principal Outstanding |
| 13 | Switch charges from Floating to Fixed rate | 1 % of Principal Outstanding |
| 14 | Amalgamation / Transfer of Equity | 3% or Rs. 10,000/- whichever is higher |
| Penal Charges for Loan Against Property | ||
| 1 | Dishonour Charges per Clearing Mandate | Rs. 750/- |
| 2 | Delayed Payment / Late Payment Charges on overdue’s | 18% p.a |
| 3 | Non-Creation of Security in favour of the Company by the Borrower/Security Provider. | Penal charges at 6% p.a or proportionately for any delay beyond stipulated days as per Sanction letter /Facility Agreement |
| 4 | Documents under deferral not submitted on time | 1% p.a (15 Days post expiry of due date of Deferral) |
| 5 | Charges for Breach of Other Material Terms and Conditions including Event of Default and/or any other conditions stipulated as mentioned in any loan/facility agreement or Sanction Letter or any other agreement | Penal charges at 2%p.a or proportionately shall become due & payable on underlying exposure (from the day of breach) |
| Penal Charges for Dealer Finance Loans | ||
| 1 | Audit Non Compliance (ANC) | Upto 8% p.a on entire utilization for the month, based on % of shortfall |
| 2 | Curtailment charges | 18% per annum on the curtailment amount considered. |
| 3 | Overdue Charges for term loans | 18% per annum on the overdue amount. |
| 4 | Overdue Charges for inventory finance facilities / Trade advance / Drop line finance facilities | 15% per annum on the overdue amount |
| 5 | Delay/non-submission of stock statement, deferral documents or renewal documents, non-compliance with documentation condition of the credit facility / delay in charge creation in ROC | 1% p.a. of Sanctioned Limits |
| 6 | Non-compliance with mortgage creation or any material breach in sanctioned condition | 6% p.a of Sanctioned Limits |
| 7 | Delayed/Non-submission of insurance policy duly endorsed in favour of KMP | Rs.10,000/- per month. |
| 8 | Dishonour Charges per clearing mandate | Rs.750/- per bounce |
| Indicative ROI for Loans ** | ||
| 1 | New Car Loan (NC+PV) ROI | Upto 25% |
| 2 | Used Car Loan ROI | Upto 24% |
| 3 | Top Up on Car Loan ROI | Upto 25% |
| 4 | Loan Against Property ROI | Upto 17% |
| 5 | Dealer Finance / Wholesale finance ROI | Upto 18% |
| 6 | Two Wheeler Loan ROI | Upto 32% |
| 7 | Top Up on Two wheeler loan | Upto 32% |
* These charges will be collected upfront / deducted from disbursement amount.
Note:
1. Taxes/GST will be levied separately as may be applicable from time to time on all the charges
2. For details of interest gradation approach, please visit https://primeloans.kotak.com/policies.htm
3. Penal charges in accordance with RBI circular.MCS.REC.61/01.01.001/2023-24 dated December 29, 2023 on ‘Fair Lending Practice - Penal Charges in Loan Accounts’
**Disclaimer: Loan offer is from Kotak Mahindra Prime Ltd, a subsidiary of Kotak Mahindra Bank Ltd. Loans available at select locations. Loan sanction and disbursement will be subject to complete documentation and credit approval at sole discretion of Kotak Mahindra Prime Ltd. and subject to guidelines issued by RBI from time to time. Taxes as applicable from time to time. KMP may engage the services of marketing agents for the purpose of sourcing loan assets. T&C apply.