There are usually a number of costs associated with loans. These include basic charges such as loan processing fees and interest rates, as well as highly-specific charges, including fees for online account access and EMI bounces. Before applying for a loan, it is always a good idea to take a detailed look at all of these charges, in order to facilitate proper financial management.
Additional Read: Check CIBIL Score for Free
Fees and Charges Involved in Personal Loan
The following fees and charges are levied by Bajaj Finserv on a personal loan:
Basic Charges
- Processing fee of 2.25% to 3% of loan amount: This fee is charged to cover some of the processing costs involved in the application and approval of your loan such as credit checks and administrative costs.
- Interest rates:
This is the cost charged by lender for borrowing the personal loan. It is an annual rate that is calculated on the loan amount, which forms a component of your EMI.
- EMI bounce charges of Rs.1,000:
This is the penalty fee for missing an EMI payment levied by the lender.
- Penal interest of 2% per month:
This is the interest on late payment charged to you when you delay EMI payments or default on repayment.
- Online convenience secure fee of Rs.2,499:
This is the fee charged to you for online access to your loan account using a unique ID and password.
- Additional Read: Personal Loan For Low CIBIL Score
Foreclosure Charges
Regardless of whether you opted for a fixed interest rate or a floating interest rate, if you wish to foreclose your loan by paying the entire amount in one go and have already paid 1 month’s EMI, you will be subject to a charge of 4% plus applicable taxes on outstanding principal.
Part Prepayment Charges
If you wish to part pre-pay some of your loan and have already paid 1 month’s EMI, you are required to pay a charge of 2% plus applicable taxes on the part pre-payment amount paid. Your part pre-payment should be greater than 1 EMI. However, if you have opt for a flexi loan, there will be no charges on part-prepayment.
Additional Read: Lower Your Personal Loan EMI By 45%
Fees for Duplicate Statement
With Bajaj Finserv Personal Loan, you can download e-statements/letters/certificates for free of cost, by logging into customer portal – Experia. However, you have to pay Rs.250 per set if you wish to get a physical copy of your statements/letters/certificates/other list of documents from any of our branches.
Annual Maintenance Charges
If you opt for a flexi personal loan, the annual maintenance charge will be 0.25% on the loan limit.
With a personal loan from Bajaj Finserv, there are no hidden fees or charges. All information is transparently-provided for clear understanding and smooth processing. Opt for a clearly-defined, hassle-free loan here.
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