Penal charges extract:

We wish to inform you that, as per the Reserve Bank of India's instructions outlined in circular no. DoR.MCS.REC.28/01.01.001/2023-24 (RBI/2023-24/53) dated August 18, 2023, regarding 'Fair Lending Practice - Penal Charges in Loan Accounts,' penal interest, if and when applicable, will be treated as penal charges effective from 01-04-2024 for your loan account. The penal charges applicable for your loan are detailed below:

One-time Penal charges

Less than Rs. 7000- Rs. 300 upfront

Greater than Rs. 7000- Rs. 750 upfront

Daily Penal charges - Rs 50 per day