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|Sr. No.||Standard Schedule of Charges - Effective 1st December, 2022|
|1||Overdue/Penal /Default Interest||Amounts standing unpaid on respective due dates shall attract overall interest at 2% p.m. compounded monthly on outstanding/unpaid amount.|
|2||Foreclosure/ Closure charges||2% of Principal Outstanding for Non-revolving and 2% of Sanctioned limits for Revolving facilities.
No Foreclosure charges shall be applicable to MSE (Micro and Small Enterprise) borrowers in case of closure of any floating rate loans or in case of closure of fixed rate loans up to INR 50.00 lakh subject to condition that such closure is carried out by the borrower from funds of own sources.
The borrower shall be required to submit the Bank any suitable proof of funds being from own sources.
For any takeover cases and all other instances other than above, foreclosure / closure charges of 2% of principal outstanding for non-revolving facilities and 2% of sanctioned limits for revolving facilities will be applicable to the borrower
|3||Charges for Breach of Terms and Conditions||2.% p.m.* plus applicable taxes shall become due and payable in following scenarios: 1. In the event of non-renewal (revolving facilities)/non completion of review (non -revolving facilities) as specified in Sanction Letter due to non-submission of requisite documents including financial Statements or non -execution of loan / security documents if any on the total exposure
2. In the event of any breach of any of the terms and conditions prescribed in the sanction letter or any loan/security document executed in favor of the Bank. An indicative list of such terms and conditions is mentioned herein below.
a) Submission of stock statement on time i.e. before 10th of a month with data as on last day of previous month
b) Submission of documents for renewal on time,
c) Stock audit delay beyond 30 days from first intimation or any negative stock audit reported.
d) Non-compliance in documentation for credit facility
e) Non-submission of stock and property insurance as stipulated in sanction letter or within 30 days of on-boarding or prior to expiry of existing policy
f) Non-closure or maintenance of account with other bank (unless specific permission is taken), etc.
*( To be calculated as sum of limits of revolving lines and principal outstanding of non-revolving lines )
For the sake of clarity it is reiterated that the above list is only indicative in nature and should not be in any manner construed as an exhaustive list at any point of time. In addition to these charges/levies, Bank also reserves the absolute right to withdraw the limits and demand repayment of the facilities from the borrower for any breach of any of the terms and conditions prescribed in the sanction letter or any loan/security document executed in favor of the Bank.
|4||Increase in Rate of Interest||The Bank may increase the rate of interest charged to the facility account of the Borrower if there is credit deterioration.|
|5||Commitment Charges for non-utilization of limits||If average utilization of facility limits for a quarter is below 60% of sanctioned limits, Commitment charges of 0.5% per quarter of unutilized limits.|
|6||Change/Release/modification/Replacement in security||0.25% of sanction amount (plus taxes as applicable)|
|7||Non Creation of Security in favor of the Bank by the Borrower/Security Provider
The term non-creation of security shall mean failure of the Borrower/Security Provider to create security in such form and manner as per the agreed terms mentioned in Sanction letter /Facility letters or Facility /Loan Agreements or any other document/instrument to secure the loan/financial facility availed from the Bank and shall include:
• Non-submission of NOC or Permission to Mortgage from any person/entity/ competent authority as prescribed by the Bank
• Non-submission of Pari passu letters from other lenders
|The Bank shall levy Penal Interest or levy penal charges at 2% p.a. (over and above rate of interest charged ) for any delay beyond stipulated days as per Sanction letter /Facility letters or Facility /Loan Agreements or any other document/instrument in favor of the Bank or beyond 90 days, whichever is earlier, from the first date of disbursement. For the purpose of clarity, ‘first date of disbursement’ means and includes, first date of any partial disbursement or disbursement of first tranche made to the borrower out of the total amount sanctioned
Beyond 180 days, the Bank reserves the right to recall the loan/facility (ies) or charge penal interest.
(The said penal charges shall be calculated on sum of limits of revolving lines and outstanding of non-revolving lines of both fund and non-fund based limits to which the security extends)
|8||Documentation charges||For New Limits/Enhancement/Modification
Digital Execution: INR 5,000/-
Physical Execution: INR 10,000/-
Digital Execution: INR 2500/- for every renewal
Physical Execution: INR 5000/- for every renewal
|9||Stamp Duty and Incidental Charges||As per Actuals incurred|
|10||Collection Charges||Up to 3% (plus taxes as applicable) of Cheque/ instrument Dishonor Charges|
|11||Dishonour charges per Instance (Cheque / Standing Instructions / ECS / NACH)||INR 750/- (plus taxes as applicable) per instance|
|12||Swap Charges( Replacement of PDCs) / Change of SI Instructions / NACH||INR 1000/- (plus taxes as applicable) per instance|
|13||Charges for furnishing a copy of Credit Rating Report (CIBIL) to the applicant||INR 500/- (Plus taxes as applicable)|
|14||Charges applicable in case customer requests for copies of records pertaining to his transactions ( SOA / Amortization Schedule) per Transaction||INR 500/- (Plus taxes as applicable)|
|15||Solvency Certificate||Up to 0.10% per Lac with minimum INR 1000/- (plus taxes as applicable) and maximum of INR 10,000/- (plus taxes as applicable) per Solvency certificate|
|16||Duplicate No Due Certificate||INR 5,000 (plus taxes as applicable)|
|17||Title Verification/ Clearance Charges||As per Actuals or INR 6,000/- per property whichever is higher|
|18||Mortgage / Registration and Incidental Charges||As per the applicable charges of respective locations|
|19||Stock audit charges||Borne by customer on actual basis|
|20||Stock/ Property insurance policy delays||INR 10000/- per delay beyond 15 days of expiry of cover|
|21||Collateral Management Agency charges||1% of utilization or as per actuals|
|22||ROC Search Report/Charges||INR 1500/- for each report|
|23||Valuation Charges Per Property||As per Actuals or INR 7,500/- per property, whichever is higher|
|24||Change in Instalment due date||INR 2,500|
|25||Deferral Not Submitted On Time||INR 2500 / Month / CRN (15 Days post Expiry of due date of Deferral)|
|26||Ad-hoc Set up charges||Digital Execution per Borrower: INR 12,500/-
Physical Execution per Borrower: INR 25,000/-
Set-up charges - Up to INR 10,000/- (plus taxes as applicable) per instance, Rate of Interest - up to 2% over and above the contracted ROI (plus taxes as applicable) on Ad-hoc amount
|27||Net Worth statements delays||Up to INR 10,000/- plus applicable taxes p.m. post the submission due date, until it is submitted|
|28||Creation of Bank charge on collateral in various mandated databases, such as CERSAI, ROC etc.||Up to Rs. 5000/- per instance or on actuals (plus taxes as applicable)|
|29||Subsidy Application & Processing Charges||Up to INR 5,000/- (plus taxes as applicable) per instance
Up to INR 50,000/- (plus taxes as applicable) per instance
|30||Charges for Interest Certificate||Free once in a Financial Year. Thereafter, INR 250/- (plus taxes as applicable) per instance|
|31||Stock statement delays (Beyond Due Date)||INR5000/- per delayed submission if submission is not received 15 days beyond the submission due date, Bank shall drop the drawing power.|
|32||End use Certificate Delays||At the time of renewal of facilities: INR 10000/- per month until the certificate is submitted|
|33||Certificates on Borrower Request ( Please take note that issuance of any such certificate shall be at the sole and absolute discretion of the Bank and the Bank will have right to reject if the requested certificate is not found acceptable for issuance by the Bank)||Up to INR 10,000/- (plus taxes as applicable) per instance|
|34||Loan Closure intimation||In the event of borrower desiring to foreclose the loan facility/ies; in such case the borrower is required to give 30 days advance notice in writing to the bank for his intention to foreclose the account/s and seek consent from the bank.|
|Applicable Taxes As per Government Policy|
Founder - Frames Productions Company
We are banking with Kotak Bank since the last 10 years. I really appreciate the Relationship Manager's support I get for Business Banking.
Reviewed on 07/30/2022
CEO – Elastochemie Impex Pvt. Ltd.
Having Business Banking partners like Kotak has aided our growth in a big way. Their digital platforms & prompt services are flawless.
Reviewed on 08/02/2022
CEO – Walko QSR Company Pvt. Ltd.
We are very happy with the Kotak Working Capital services. Their guidance on every aspect makes us want to continue working with them.
Reviewed on 07/27/2022
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