Loans are typically associated with a number of fees. These include basic charges like personal loan processing fees and personal loan interest rates and more specialized charges like fees for online account access and EMI bounces. Before applying for a loan with bajaj finserv, it is always a good idea to thoroughly review all of these fees in order to facilitate proper financial management.
When it comes to funding financial needs, a personal loan is a dependable tool. However, it is still necessary to track how much you will spend on the loan over the repayment period. This will assist you in making the best decisions and ensuring a smoother repayment process. So, if you want to take out a personal loan to plan an international trip or spruce up your home with a few modern additions, read the terms and conditions first to budget accordingly.
Fees and charges involved in personal loan
On a personal loan, Bajaj Finserv processing fees charges are:
1. Charges for Basic Services
- A processing fee of 4% of the loan amount (plus applicable taxes) is levied to cover some of the processing costs associated with your loan application and approval, such as credit checks and administrative expenses.
- Rates of interest: This is the fee levied by the lender for taking out a personal loan. It is an annual rate calculated on the loan amount that is included in your EMI.
- Rs. 600 to Rs. 1,200 (including applicable charges) in EMI bounce charges: This is the lender’s penalty fee for missing an EMI payment.
2. Foreclosure charges
If you have already paid one month’s EMI and wish to foreclose your loan by paying the entire amount in one go, you may be subject to a nominal charge plus applicable taxes on the outstanding principal.
3. Charges for provisional prepayment
If you want to pay off a portion of your loan in instalments and have already paid one month’s EMI, you must pay a fee of 2% plus applicable taxes on the portion prepayment amount paid. Your part-payment should be more than one EMI. However, if you choose a Flexi loan, there will be no penalties for part-payment.
4. Duplicate statement fees
By logging into the customer portal, you can download e-statements/letters/certificates for free with Bajaj Finserv Personal Loan. However, if you want a physical copy of your statements/letters/certificates/other lists of documents from any of our branches, you must pay Rs. 50 per set.
There are no hidden fees or charges with a personal loan from Bajaj Finserv. For clear understanding and smooth processing, all information is provided in a transparent manner. You can also use the Personal Loan EMI Calculator to determine your monthly EMI and plan your repayment accordingly. Choose a loan that is well-defined and hassle-free.
Like most credit products, a personal loan includes a processing fee that lenders charge when extending funds. Individuals frequently overlook these fees, which impact the total borrowing costs.
As a result, understanding the personal loan processing fees is critical for obtaining funds quickly.
Lenders charge standard processing fees for a variety of financial products, including personal loans. Personal loan processing fees can typically range from 1% to 4% of the loan amount, depending on the lender and the applicant’s credit profile.
How to apply for a personal loan with Bajaj Finserv?
Apply for a personal loan by following the step-by-step instructions below. You can start and stop your online application at any time.
- Click the ‘Apply Online’ button on the Bajaj Finserv portal to access the online application form.
- Fill in some information and confirm the OTP sent to your phone.
- Enter your KYC details and some basic information.
- Select the loan amount you wish to borrow.
- Lastly, submit your application.
Summary
The loan statement includes details such as total outstanding balance, principal amount, EMIs, total payable interest, and tenor. Every financial institution provides this type of statement to its customers on a monthly basis if they request it. The loan statement from Bajaj Finserv also provides a consolidated overview of your loan repayment.
