Change in UGRO Reference Rate
UGRO Capital has increased its UGRO Reference Rate (URR) by 20 bps to 15.60% p.a. with effect from September 09, 2024. The interest rate on floating rate loans that are linked to the URR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.
UGRO Capital has increased its U GRO Reference Rate (URR) by 50 bps to 15.40% p.a. with effect from January 25, 2024. The interest rate on floating rate loans that are linked to the URR will be revised upwards by 50 bps. The spread / margin on the said loans will remain unchanged.
UGRO Capital has increased its UGRO Reference Rate (URR) by 50 bps to 14.90% p.a. with effect from October 8, 2022. The interest rate on floating rate loans that are linked to the URR will be revised upwards by 50 bps. The spread / margin on the said loans will remain unchanged.
UGRO Capital has increased its UGRO Reference Rate (URR) by 50 bps to 14.40% p.a. with effect from August 11, 2022. The interest rate on floating rate loans that are linked to the URR will be revised upwards by 50 bps. The spread / margin on the said loans will remain unchanged.
UGRO Capital has increased its UGRO Reference Rate (URR) by 50 bps to 13.90% p.a. with effect from June 08, 2022. The interest rate on floating rate loans that are linked to the URR will be revised upwards by 50 bps. The spread / margin on the said loans will remain unchanged.
UGRO Capital has increased its UGRO Reference Rate (URR) by 40 bps to 13.40% p.a. with effect from June 01, 2022. The interest rate on floating rate loans that are linked to the URR will be revised upwards by 40 bps. The spread / margin on the said loans will remain unchanged.
Interest rate model
Rate of interest
The Chief Revenue Officer, Chief Risk Officer and Chief Financial Officer shall jointly have the authority to determine the interest rates to be charged for the loan products offered by the Company.
The rate of interest shall be determined based on the cost of funds, administrative costs, rates offered by competitors, length of relationship with the customers. In addition to the cost of funds, the rate of interest shall further be determined based on inherent credit and default risk in the products, customer profile, past repayment track record of the customer, customer segment, market reputation, nature and value of primary and collateral securities, external ratings of the customers , industry trends, etc.
The Company may charge a different rate of interest for the same product and tenor availed during the same period by different customers, depending upon considerations of any or combination of a few or all factors listed ou in the above point.
Interest rates shall be intimated to the customers at the time of sanction/ availing of the loan and the equated installments apportionment towards interest and principal dues shall be made available to the customer.
Annualized rate: Annualized rate of interest will be communicated to the customers.
Interest types: The loans and advances will be offered at a fixed or floating rate of interest.
Interest resets: In case of floating rate of interest, the interest rate would be reviewed and reset on quarterly basis, subject to the approval from ALCO.
Changes in the interest rate and other charges will take effect prospectively and such change will be intimated to the customers in the manner as may be decided by the Company.
The rate of interest and other charges would be hosted on the Company’s website and any changes thereto shall be updated on the Company’s website from time to time.
Processing fees and other charges
Processing fees represent the general costs incurred in rendering the services to the customers.
The processing fees and other charges charged to the customers will be clearly stated in the loan documents.
The fees/charges will vary based on the loan product, exposure limit, customer segment, and geographical location.
Any changes in the processing fees / other charges will be taken into effect prospectively.
Penal Charge/Late payment charges
In case of any delay or default in repayment of dues, the Company may collect penal Charge / late payment charges from its customers.
The penal Charge/late payment charges shall be decided by the Company from time to time and communicated to the customers in the sanction letters and loan agreements. A list of such charges will also be hosted on the Company’s website.
