Late charges are applicable if you delay the payment for more than 3 days after the due date. Here is how late charges are calculated:

a) At ₹35/day or,

b) 30% of the outstanding amount, depending on whichever is a lower amount.

Please note that the maximum late fee levied will NOT exceed ₹2,000. The late fee payable will be calculated on and from the 4th day of the relevant EMI becoming overdue.

**Extra interest**: Interest charges on the overdue principal amount.

For instance, if you delay repayment of ₹1,000 by 10 days, then, the penalty will be calculated as follows-

a) At ₹35/day i.e ₹350

OR

b) 30% of the outstanding amount i.e ₹300

In this case, you will be required to pay ONLY ₹300 penalty charge, as it is LOWER in value.

On the other hand, if you delay repayment of ₹10,000 by 60 days, then, the penalty will be calculated as follows-

a) At ₹35/day i.e ₹2100

OR

b) 30% of the outstanding amount i.e ₹3000

Even though ₹2100 is lower in value, you will be required to pay ONLY ₹2000 as the maximum penalty charge levied will NOT exceed ₹2000.

**Note**:

- The late charges are inclusive of GST.
- The penalty will be applicable only if the total outstanding amount is greater than ₹250.