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Engineer Loan Against Property : Interest Rates

Engineer Loan : Interest Rates

Bajaj Finserv Engineer Loan Against Property comes with multiple benefits to help you meet your big-ticket expenses and repay easily. This unsecured loan is easy to avail following a simple application procedure at competitive engineer loan interest rates.

Other attractive features include Flexi Loan facility, long repayment tenure, quick processing, online account management and many more. The loan is available for both salaried and self-employed individuals against the mortgage of residential/commercial property.

Have a look at the interest rate and other charges applicable for Bajaj Finserv Engineer Loan.

Engineer Loan Against Property Interest Rate

Rate of interest 16% and above.
Processing fees (One-time) Flat 1.5% + applicable taxes.(Inclusive of taxes)
Charges for loan statement Nil.
Other penal charges Nil.
Charges for outstation collection ₹65* on every repayment instrument.
Upfront interest applicable Nil.
Stamp duty Amount/percentage (As applicable for each state).
Mortgage Origination Fee (One-time) ₹5,000/-
Interest applicable as a penalty 2% for each month of default + applicable taxes.
Bounce charges ₹2,000 (Inclusive of all taxes).

Engineer Loan Against Property Charges

Apart from the engineer loan interest rates and the fees/charges mentioned above, an individual or an entity also has to pay the applicable charges on availing prepayment or foreclosure facility.

Part-Prepayment Charges

  • Applicants who avail this finance for engineers at a floating rate of interest, the part-prepayment charges are nil.
  • Applicants availing the loan at a floating rate of interest, the applicable part-prepayment charges are 2% + applicable taxes.
  • Applicants availing the loan at a fixed rate of interest, part-prepayment charge of 2% + applicable taxes are payable.

Foreclosure Charges

  • Individuals availing personal finance for engineers from Bajaj Finserv at a floating rate of interest pay nil charges to avail the foreclosure facility.
  • All other borrowers opting for a floating rate of interest on their engineer loan against property have to pay foreclosure charges @4% + applicable taxes.
  • Borrowers opting for the loan at a fixed rate of interest also have to pay foreclosure charges @4% + applicable taxes.

With this information about the interest rate, fees and charges choose a suitable engineer loan rate and apply for the loan. Repay in easy instalments over the tenure.