The rate of interest charged on the loans would depend on the quantum of loan availed and the repayment tenure chosen.
- Loans which are taken up to Rs.30 lakhs with repayment tenure of up to 5 years, the rate of interest would be the Base rate which is 10.40% per annum.
- If the repayment tenure exceeds 5 years and goes up to 15 years, the rate of interest charged would be Base Rate + 0.25% which is 10.65%.
- For loans having repayment tenures above 15 years, the rate of interest is Base Rate +0.50% which would be equal to 10.90%.
- If the loan amount is higher than Rs.30 lakhs, a flat rate of Base Rate +0.50%, i.e. 10.90% would be charged per annum irrespective of the tenure of repayment chosen by the applicant.