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Home > Loans > Retail Loan Fees and Charges

Retail Loan Fees and Charges

Schedule of Fees and Charges for Vehicle and other Retail Loans

Sr. No. Nature of Charges Vehicle and other Retail Loans
1 SOA Charges / Duplicate statement issuance charges Rs. 250
2 Pre-Closure Charges / Pre closure working (per statement)
  1. No Foreclosure allowed within 6 months from the loan agreement date.
  2. 6 % of Principal O/s. for pre closure within 24 months after 6th month from the loan agreement date.
  3. 3% of Principal O/s. for pre closure post 24 months from the loan agreement date
3 Documentation Charges As per table below
4 Processing Fee As per table below
5 Service Charge As per table below
6 Legal, Repossession & Incidental charges
  1. Legal charges – Rs. 25,000 or actual whichever is higher
  2. Repossession charges – Rs. 10,000 or actual whichever is higher
  3. Notice charges – Rs. 125
7 Stamp Duty At actual as per applicable state law
8 Roll over PDC Charges Rs. 500
9 Non PDC Charges (Cash payment mode- one time) Rs. 1500
10 Charges for swapping PDCs of one bank to another / Swapping charges (From ECS/PDC) Rs. 1000
11 Payment Collection Charges (FVC) Rs. 200 Per Transaction
12 Commercial/Personal Use NOC (Conversion subject to Credit Approval) 2% of principal outstanding
13 Duplicate statement for principal & interest breakup in addition to repayment schedule Rs. 100/- per statement
14 Issue of duplicate security deposit receipt Rs. 250/- per receipt
15 Cheque/ACH/NACH/ECS/Direct Debit Bounce Charges Rs. 500 per returned instrument per instance
16 Duplicate NOC Charges Rs. 500 per instance
17 LPG/CNG NOC, Any other Special NOC Rs. 500 per instance
18 Penal Charges (Late payment penalty) 3% per month on the amount overdue
19 Assignment charges (from Both the parties) 2% on an outstanding loan
  • Fees and Charges are exclusive of GST and other applicable Taxes, which shall be additionally chargeable as applicable.
Sr. No. Business Segment Document Charges
1 Pre Owned Car Loans Rs. 1750
2 Car Loans – Non Mahindra Standard Charges Rs.1000+ Additional Charges Rs. 1000
3 Farm Equipment Sector Rs. 500
4 Sub One Ton Rs. 500
5 Commercial Vehicle and Construction Equipments
  • Charges Per vehicle: for ICV, M&HCV Rs. 3500 with ENACH, Rs. 6000 without ENACH
  • for LCV & SCV – Rs. 2500 with ENACH & Rs. 4000 w/o ENACH
6 Auto Loans – Mahindra Vehicles Rs. 500
Sr. No. Business Segment Processing Fee
1 Pre Owned Car Loans 1% of sanction amount or min Rs. 2000
2 Car Loans – Non Mahindra 1% of sanction amount or min Rs. 1500
3 Farm Equipment Sector 0.5% of sanction amount
4 Sub One Ton 1% of sanction amount
5 Commercial Vehicle and Construction Equipments 0.35% of sanction amount for New vehicle & 1.25% of sanction amount for Refinance
6 Auto Loans – Mahindra Vehicles 0.5% or min Rs. 5000 (Luxury assets), 1% or Min Rs. 5000 for (Entry Assets), flat Rs. 5000 for cash customer
Sr. No. Business Segment Other/ Service Charges
1 Pre Owned Car Loans Nil
2 Car Loans – Non Mahindra Standard Charges Rs. 1200 (including additional service charges of Rs. 200)
3 Farm Equipment Sector Nil
4 Sub One Ton Nil
5 Commercial Vehicle and Construction Equipments Nil
6 Auto Loans – Mahindra Vehicles Nil