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  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

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FIRST STEP Micro Business Loan

Charges

 FIRST STEP MBL CHARGES CHARGE AMOUNT (in ₹, exclusive of GST)
EMI Bounce charges per presentation 7.5% of EMI. Subject to Minimum of ₹ 400 and Maximum of ₹ 1000.
Technical Bounce charges* Charge rates would be same as applicable under EMI bounce charges
Penal Charges 2% 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 Part Payment is not allowed for non Micro & Small Enterprise.
Part payment is allowed for Micro & Small Enterprise customers without any charges.
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 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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