Interest rate & charges policy
How interest, fees and penal charges are set and disclosed.
Interest
Interest is charged on a reducing-balance basis at the rate set by the lender for your risk profile, product and tenure, and shown in the KFS.
Fees
A one-time processing fee may apply, with 18% GST shown separately. All fees appear in the KFS. Fees payable to Lite Finserv as LSP are paid by the lender, not charged to you directly.
Penal charges
Penal charges for late payment are a fixed or percentage charge, disclosed in the KFS. They are not added to the principal and no interest is charged on them.
Foreclosure
Foreclosure charges, if any, are as per the lender's policy and shown in the KFS.
No-cost EMI
An offer is called no-cost EMI only when a discount fully covers the interest so that your total repayment equals the product price (plus any disclosed GST on fees).