Fees and charges on your chartered accountant loan explained
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Fees and charges on your chartered accountant loan explained

  • Highlights

  • For the best offer, compare fees and charges

  • CA Loan at nil statement charges

  • Nominal processing fee on your CA Loan

  • Low prepayment and foreclosure penalties

Like all other loans, Loans for Chartered Accountants are also subject to various fees and charges. Knowing about these charges help you estimate the overall affordability of the loan. It also aids you in comparing your chosen lender with others, and making the right decision. This also helps you organise your finances so you can meet the costs with ease.

Here is the list of fees and charges for loans customised for CAs.

 


Application fees

The application or loan processing fee is a basic fee that is charged to cover the overall processing costs of the loan. This may include administration costs and cost of resources. This fee is usually 2% on unsecured loans like a personal loan and a business loan and only 1% for a secured loan like a loan against property and home loan. This fee is directly deducted from your sanctioned loan amount.

Statement charges

Every lender provides you loan interest and principal statements. To provide these statements in hard copies, certain lenders charge you a fee. This fee is used by the lender to pay the courier and the various intermediaries involved in getting the statements to you. However, this charge can be easily avoided and most statements can be accessed online. Lenders like Bajaj Finserv for example, do not charge you anything towards this facility.

EMI bounce charges

This is a charge that is levied any time your EMI cheque bounces. In such cases you can be charged up to Rs.1000 per bounce. This fee could be higher depending on your lender.

Penal interest rate

Missing EMI payment deadlines attracts a penal interest rate. This means you would be charged 1% or extra over your current interest rate in the event of late payment of your EMI.

Foreclosure charges

These are the charges you will be eligible to pay in case you foreclose your loan before the tenor. This could be up to 4% plus the applicable taxes on your outstanding loan amount.

Prepayment charges

Many lenders could charge you a prepayment penalty for paying an amount that exceeds your EMIs to reduce your loan principal. This can amount up to 2% of the prepayment amount plus taxes. Choose lenders who waive off prepayment charges to increase your affordability. For example, Bajaj Finserv does not charge are prepayment fees for individual borrowers who pay a floating interest on their CA loan. Bajaj Finserv Flexi Term Loans for CAs also don’t carry any part prepayment charges on them.

Keep these charges in mind while comparing various lenders. Choose a lender with lower fees to make your borrowing experience more affordable.

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Multi-purpose suite of Loan for Chartered Accountants from Bajaj Finserv