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FIRST STEP Micro Business Loan

Charges

 FIRST STEP MBL CHARGES CHARGE AMOUNT (in INR)
EMI Bounce charges per presentation 7.5% of EMI. Subject to Minimum of INR 400 and Maximum of INR 1000. Above will be rounded up to nearest INR 50 and is excluding GST.
Technical Bounce charges* Charge rates would be same as applicable under EMI bounce charges
Penal Charges 2% per month of the unpaid EMI or Rs 300 whichever is higher. Taxes not applicable for penal charges.
Cancellation & Rebooking charges 10000 within 30 days of disbursement or 1st EMI presentation whichever is earlier, Post 30 days or 1st EMI presentation request for cancellation will be treated as foreclosure (Exclusive of GST)
Processing fees Up to 3.5% of the total amount.
NIL processing fees for loan facility up to 5 lakhs availed by Micro and Small enterprises subject to latest Udyam Registration Certificate submission prior to loan disbursal.
Foreclosure / Prepayment charges

5% of Principal Outstanding Exclusive of GST for non MSE.

Prepayment/Foreclosure shall be allowed only after 12 EMI.

NIL foreclosure charges and lock-in period for Micro & Small Enterprise Customers (Latest Udyam Registration Certificate is Mandatory).
Part Payment charges Part Payment is not allowed for non MSE.
Part payment is allowed for Micro & Small Enterprise customers without any charges.
Loan re scheduling charges (per re scheduling) 300 Exclusive of Taxes
Duplicate No Objection Certificate Issuance Charges 500 Exclusive of GST
Repayment Schedule 500 Exclusive of GST
Statement of Account 500 Exclusive of GST
Document retrieval charges (per retrieval) 500 Exclusive of GST
Stamping Charges As per actuals
EMI Pick up/ Collection Charges 500 Exclusive of GST
Initial Money Deposit charges Up to 5500 Exclusive of GST
Loan protect Insurance As applicable
Personal Accident Insurance As applicable
Merchant Cover As applicable
Property Insurance As applicable
Facilitation Fee As applicable


*Mandate Rejection technical Bounce Charges (for mandate rejected by your bank, to be charged for each month from 3rd consecutive bounce month onwards until the mandate is registered).

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