It is always good to know what a loan costs before applying for it. Your EMI is a part of what you will pay. Knowing what processing fees and other charges you will accrue on your personal loan will help you plan better. This applies to personal loans for travel too.
Listed below are some of the charges applicable to a Bajaj Finserv Personal Loan for Travel:
1. Processing fees
This is the fee charged for processing your application. It covers all the costs involved in sanctioning your loan. It includes everything from the cost of undertaking the verification process to actual administrative expenses.
It is up to 3.93% of the loan amount (inclusive of applicable taxes).
2. Interest rate
This is the interest you pay in exchange for the funds lent to you. Essentially, it is the cost of availing credit. Your personal loan interest rate starts from 10% p.a. and must be paid every month as a part of the EMI.
Additional read: The different types of loans available in India
3. EMI bounce charges
Rs. 700 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.
4. 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.
5. Foreclosure charges
Foreclosure often puts the lender’s interest at risk. So, this fee is sometimes charged when an applicant wants to foreclose the loan before the tenor lapses. Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment
Additional read: 6 essential things to know before taking a personal loan
6. Part-prepayment charges
When an individual makes a part-prepayment towards the personal loan, the lender loses out on interest. This is usually at the rate of up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.
7. Annual maintenance charges
As the name suggests, this is a charge levied for maintaining your account.
Term Loan: Not applicable
Flexi Term (Dropline) Loan:
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 0.472% (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
Knowing about these charges in advance can help you plan your holiday without any surprises. Visit your dream destination with a travel loan from Bajaj Finance. It offers you a range of benefits, such as flexible repayment tenors and nominal interest rates.
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