Penal Charges ECG

Sr. No.

Type of Charge

Description of Charges

Foreclosure charges

Upto 2% of loan Outstanding for Term loan and upto 2% of the sanctioned amount for Working Capital facilities, plus taxes, as applicable. Micro & Small Enterprises as defined under MSMED Act 2006 are exempted irrespective of the limits/out standings.

Not complying with documentation for credit facilities (inc. documentation as per accepted sanction letter)

2% over the contracted rate on the amount outstanding

Late payment penalty on delayed payment of EMI- Term Loan

Upto 24% per annum (plus taxes) on the overdue EMI amount

Penal charges on customer exposures, overdue for renewal of credit facilities,

2% over the contracted rate of transaction from the date of renewal overdu

Breach of facility covenants (if any

At the time of annual renewal wherever applicable, 2% of sanctioned limits as per accepted sanction letter

EMI bounce charges for term loan

Rs 450 (plus taxes) Per EMI bounce

Penal charges for customers not submitting the Letter Acknowledging their Debt (LAD)

18% from the date of LAD overdue, subject to a minimum of Rs.2500 per month

Non-Submission of property/stock/Plant & Machinery insurance

Rs. 5000 per week from the due date recovery to be done on quarterly basis

Non-Submission of stock statement

Overdue upto 10 days after end of grace period = NIL;
If overdue more than 10 days, then Rs. 5000 per week from the due date to be recovered quarterly

Maintaining Current Account with Other Bank while facility is granted under Sole Banking (Applicable where specific permission is not taken by the customer). Notice to be sent for immediate closure

0.075% fortnightly from the date identified, till the closure.

Delay in submission of trade related documents i.e., IDPMS & EDPMS

Sr. No.	Description of Charges	Charge-WBO customers	Frequency
1	Penalty for non-submission of Overdue Bill of Entry (More than 180 days from ORM date)	Rs.500	Half Yearly
2	For Outstanding against Advance Exports above 1 Year	Rs.1000	Half Yearly
3	Overdue Export Bills (More than 270 days from shipment date or in case of extension approved beyond 270 days, whichever is later)	Rs.500	Half Yearly

Note:- Please note that above list of charges is not exhaustive in nature. Bank reserves the right to communicate details of any other charges to you and accordingly levy the same wherever applicable.

Enclosed below are applicable penal charges for Emerging Corporates Group (ECG)