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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) During the first 24 months of loan origination, foreclosure charges @ 6% shall be levied on the principal outstanding and thereafter,@ 3% to be charged.
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-actuals
  2. Repossession charges- actuals
  3. Notice charges – Rs.125
7 Stamp Duty At actual as per applicable state law
8 Part-payment charges
  1. 5% on the part payment amount in case part prepayment is within 13-24 months from 1st EMI
  2. 3% on the part payment amount in case part prepayment is post 24 months
 This charge is applied when a borrower decides to make a partial payment towards their loan, rather than repaying the entire loan amount in full. The fee is charged to cover the administrative costs of processing the partial payment and to compensate the lender for the reduced interest income from the loan.
9 Cash handling charges for repayment mode other than PDC/ACH/ECS direct debit Rs. 1500 This charge is applicable when a borrower chooses to make a loan repayment in cash, rather than through a PDC. This fee is usually higher than the PDC charge to compensate the lender for the additional risks associated with receiving cash payments.
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) 36% per annum. applicable on 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 Rs. 2000 +
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
7 Pre-approved Personal Loans extended to current customers Nil
Sr. No. Business Segment Processing Fee & Service and Other charges
1 Pre Owned Car Loans Up to 2% % of sanction amount
2 Car Loans – Non Mahindra Up to 2% % of sanction amount
3 Farm Equipment Sector Up to 2% % of sanction amount
4 Commercial Vehicle and Construction Equipments Up to 2% %
5 Auto Loans – Mahindra Vehicles 0. Up to 2% of the sanction amount
6 Pre-approved Personal Loans extended to current customers 2 % of sanction amount