Everything You Should Know About the Fees and Charges Applicable on Your Personal Loan

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 may be subject to a nominal charge 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. You can also use 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.