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FIRST STEP Micro Business Loan

Charges

FIRST STEP MBL CHARGES	CHARGE AMOUNT (in ₹, exclusive of GST)
EMI Bounce charges as per the latest presentation	12% of EMI bounced with minimum charge of Rs. 400 & maximum of Rs. 1000 (excluding GST).
Technical Bounce charges*	Charge rates would be same as applicable under EMI bounce charges
Penal Charges	12% per month of the unpaid EMI or ₹ 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
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 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	Maximum amount allowed for part-payment is up to 25% of principal outstanding once per financial year and maximum twice during tenure. Part payment charges will be 5% of outstanding POS (Excluding GST). Nil charges for Micro & Small enterprise customers. (Udyam Registration certificate is mandatory).
Loan re scheduling charges (per re scheduling)	300
Duplicate No Objection Certificate Issuance Charges	500
Repayment Schedule	500
Statement of Account	500
Document retrieval charges (per retrieval)	500
Stamping Charges	As per actuals
EMI Pick up/ Collection Charges	500
Initial Money Deposit charges	Up to 5500
Loan protect Insurance	As applicable
Personal Accident Insurance	As applicable
Merchant Cover	As applicable
Property Insurance	As applicable
Facilitation Fee	As per actuals
Other facilitation fees	As per actuals
Collection Legal Charges	As per Actuals

*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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FIRST STEP Micro Business Loan

Charges

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