Personal Loan Hidden Charges: In today's time, due to increasing needs, people need to take loans. In such a situation, if you are taking a personal loan (personal loan tips), then you have to pay some such hidden costs. These charges are often hidden and many people ignore them. Until the entire loan amount is repaid, these hidden charges are not even known. If these charges are not taken care of at the right time, then it can increase the cost of your loan a lot. In such a situation, if you are going to take a loan, then it is very important to understand these hidden charges.

1. Look at the processing fee-

For loan processing, the bank charges processing fees (Personal Loan Processing Fees), which can usually range from 1 percent to 3 percent. This fee is non-refundable. Even if your loan gets rejected (is Processing Fees refundable), the bank does not return this money to you.

2. Check the foreclosure charge-

If you pay the entire loan amount before time, then the bank can also charge a foreclosure charge (Foreclosure Charges kya h) on the loan amount. This charge can be from 2 percent to 5 percent. Because of this, before taking a loan (loan foreclosure charges), you must also check about its charge.

3. Check the part-payment charge as well-

If you pay some amount of the loan before time, then some banks also charge part-payment charges on it. This charge can be from 1 percent to 3 percent.

4. EMI bounce charge-

If there is not enough balance in your bank account and due to this your loan EMI also bounces (EMI Bounce Charges in SBI), then the bank can charge you Rs 500 to Rs 1000 per bounce.

5. Look at the documentation charge-

During loan processing, the bank may also charge a documentation fee for verification of your documents (Documentation Charges for personal loan). Usually these charges are between Rs 500 to Rs 2000.

6. Stamp duty charge is also levied-

In some states, stamp duty is levied during the making of the loan agreement, which can be from 0.1 percent to 0.2 percent. It is decided by the state government.

7. Loan conversion fee is included-

If you also want to convert the interest rate of your personal loan from floating to fixed or fixed to floating (how to convert loan interest rate), then the bank charges you a conversion charge of 2 percent to 3 percent (Floating rate kya h) on this.

8. The bank also charges a login fee-

Some banks and NBFCs (Non-Banking Financial Company) also charge login fee while applying for a loan. These charges can range from Rs 500 to Rs 2000.

9. Loan cancellation charge-

If you have applied for a loan (loan cancellation charge). After that you are thinking of cancelling the loan, then the bank can charge you a cancellation charge of Rs 3000 to Rs 5000 as loan cancellation.

10. Charge for giving duplicate statement-

If you need your loan statement or any other important document again, then the bank charges Rs 200 to Rs 500 per statement for this.

Save hidden charges in this way-

Before applying for a loan, you should get information about all the charges (how to get rid of hidden charges). Compare other charges along with the interest rate. Read the loan agreement very carefully and pay the EMI on time so that bounce charges are not levied.

PC Social media