There are usually a number of costs associated with loans. These include basic charges like loan processing fees and interest rates, as well as highly-specific charges like a fee 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: How to Apply for Personal Loan
A personal loan helps provide funds for any and all requirements, but it is still important to keep tabs on how much you will be spending for 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 a personal loan for planning an international trip, or to spruce up your home with a few contemporary additions, be sure to read the fees and charges associated with it first, so that you can plan your expenses accordingly.
Fees and Charges Involved in a Personal Loan
These are fees levied by Bajaj Finserv on a personal loan:
Basic charges
Processing fee of 2.25% to 3% of the 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.
Attractive interest rates:
This is the cost of borrowing the personal loan that is charged by a lender.
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 for every bounce:
This is 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.
Secure fee for online convenience 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: How to Finance Home Improvement
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 opted for a Flexi Loan, there will be no charges on part-prepayment.
Additional Read: Lower Your Personal Loan EMI By 45%
Annual maintenance charges
If you opted 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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