Penal charges are not added to the interest rate and are not compounded. They are levied only on the overdue amount, and every charge is disclosed in your Key Fact Statement (KFS) before you accept the loan.
Standard charges
- Processing fee — as shown in the sanction letter and KFS, deducted from the disbursed amount
- Foreclosure — 2% of outstanding principal, shown before you confirm
- Part-prepayment — nil
- Duplicate statement or NOC — nil when downloaded from your account
- Taxes — GST as applicable on fees
Penal charges
- Late payment of an Everyday or Weekly installment — flat penal charge on the overdue installment, as stated in the KFS
- Mandate or payment bounce — per-instance charge as stated in the KFS
- No penal charge is levied for the grace period shown in your repayment schedule
Note
Montrosa will never charge a fee that is not disclosed in your KFS. If you see an unexpected charge, contact the grievance desk.