Everything you should know about the charges applicable on Personal Loan

There are usually several costs associated with loans. These include basic charges such as personal loan interest rates and processing fees, as well as highly-specific charges, including fees for online account access and EMI bounces. Before applying for a loan, it is always good to take a detailed look at all of these charges to facilitate proper financial management.

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A personal loan is a reliable tool when it comes to funding financial requirements. However, it is still essential to keep a tab on how much will you spend through acquiring the loan and over the repayment period. This will help you make the right decisions and ensure a smoother repayment process. Therefore, whether you wish to avail of a personal loan for planning an international trip or to spruce up your home with a few contemporary additions, be sure to read the charges associated with it first so that you can plan your expenses accordingly.

Additional read: Know the difference between simple interest vs compound interest

Fees and charges involved in personal loan

Bajaj Finserv levies the following charges on a personal loan:

Basic Charges

• Processing fee up to 3.93% (Inclusive of applicable taxes) of the loan amount.: This fee is charged to cover some of the processing costs involved in your loan application and approval, such as credit checks and administrative costs.
• Interest rates: This is the cost charged by the lender for borrowing the personal loan. It is an annual rate calculated on the loan amount, which forms a component of your EMI.
• Bounce charges - Up to Rs. 1,200/- per bounce
  “Bounce charges” shall mean charges for (i) Dishonor of any payment instrument; or (ii) Non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.
• Penal charge - Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

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Foreclosure charges

Foreclosure can be processed post clearance of first EMIs.

• Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
• Flexi Term Loan (Flexi Dropline): Up 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.
• Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.

Additional read: What is loan account number (LAN)

Part pre-payment charges

• Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.
• Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid Term Loan.

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 free of cost by logging into the customer portal - My Account. You can get a physical copy of your statements/ letters/ certificates/ other lists of documents from any of our branches.

Additional Read: Personal Loan Processing Fees

Annual maintenance charges

Term Loan: Not Applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges

Flexi Hybrid Term Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.295% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure

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. You can also use the Personal Loan EMI Calculator to know your monthly EMI well in advance and plan your repayment accordingly. Opt for a clearly defined, hassle-free loan here.