When you apply for a loan, it’s important to understand the different fees and charges that may be levied throughout the loan lifecycle. These costs ensure transparency between Lender and consumers.
Loan fees and charges are costs associated with processing, maintaining, servicing, or closing your loan. These may vary based on the type of loan, the lender’s policies, and regulatory guidelines.
Common loan categories:
A one‑time, upfront fee charged for evaluating your loan application.
Why it’s charged:
Covers credit checks, underwriting, documentation costs, and administrative efforts.
Cost incurred for verifying KYC documents, income proofs, property papers, etc.
If you close the loan before the tenure ends, some lenders charge foreclosure fees (varies by product and regulations).
Applicable when you repay a portion of the principal before the due schedule.
Levied if your EMI auto‑debit fails due to Non-Technical Reasons.
Additional interest charged when EMI payments are delayed.
Mandatory government‑regulated charges for loan agreement execution.
Applicable in property‑backed loans like home loans or loan against property.
These fees:
Highlights total cost of the loan in simplified terms.
Contains complete legal and fee‑related clauses.
This outlines all charges, interest rate details, and repayment rules and all terms and conditions.
Ask questions before signing to avoid misunderstandings.
These are the primary documents customers should refer to:
Processing fees cover the cost of reviewing, verifying, and approving the loan application.
Not all charges apply to every customer. Some are situational (e.g., EMI bounce fee, foreclosure charge).
Maintain sufficient balance for EMIs, understand your agreement, and avoid late payments.
In your MITC, loan agreement, or lender’s charges webpage (https://www.bajajfinserv.in/all-fees-and-charges).
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