A Brief Account Of Personal Loan Additional Charges
In present financial condition, taking a personal loan for meeting divergent fund requirements has become a common thing. Also, there are lots of loan options in the market like IDBI Bank personal loan, SBI personal loan, HDFC Bank personal loan, ICICI Bank personal loan, Saraswat Bank personal loan, etc. There are varied charges which are imposed on personal loan. Let's have a look on some of those-
Processing fees: This fee is charged by the lender upfront when the lender process the loan application. Usually, rates vary between 1 - 2 per cent of the total loan amount.
Late payment fees: You can call it as one of the most hurtful as it amounts to nearly 5 per cent of the total defaulted loan amount for that particular time period.
Cheque bounce charges: If you have issued a cheque towards the payment of loan EMI then you would be needed to pay cheque bounce charges. It could vary between Rs 250 - Rs 500.
Document verification charges: Some lenders charge an upfront amount on personal loans for checking documents submitted by the person during processing of the loan application.
Miscellaneous charges- Apart from above charges, lender also imposes some miscellaneous charges, like fees for issuing duplicate statement, etc.
Personal loans are given for short duration and carries high interest. But actually this short duration turn into big earning for the lender. While, applying for the loan, the customer must take into account all necessary considerations before taking final decision.
Processing fees: This fee is charged by the lender upfront when the lender process the loan application. Usually, rates vary between 1 - 2 per cent of the total loan amount.
Late payment fees: You can call it as one of the most hurtful as it amounts to nearly 5 per cent of the total defaulted loan amount for that particular time period.
Cheque bounce charges: If you have issued a cheque towards the payment of loan EMI then you would be needed to pay cheque bounce charges. It could vary between Rs 250 - Rs 500.
Document verification charges: Some lenders charge an upfront amount on personal loans for checking documents submitted by the person during processing of the loan application.
Miscellaneous charges- Apart from above charges, lender also imposes some miscellaneous charges, like fees for issuing duplicate statement, etc.
Personal loans are given for short duration and carries high interest. But actually this short duration turn into big earning for the lender. While, applying for the loan, the customer must take into account all necessary considerations before taking final decision.
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