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. 150 upfront

Greater than Rs. 7000- Rs. 200 upfront

Daily Penal charges- Rs. 50 per day

Please note, the said penal charges will be subject to GST as per applicable laws on Goods and Services Tax in India, and GST will be charged separately.