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Personal loans are one of the best financial tools which can be used by an individual to meet his/her expenses. However, a personal loan is not only about the interest which is charged on the loan amount. There are a few other fees and charges which should be taken into consideration.
Thus, it is important to ascertain the affordability or the overall cost of a loan only after considering the fees and charges that are associated with it.
The charges and fees that are related to personal loan can be listed down as follows:
The fees and charges in relation to the personal loans for the top banks in India are listed below:
Name of bank | Processing Charges | Pre-payment charges | Late payment charges |
---|---|---|---|
HDFC Bank | Up to 2.5% [Subject to a minimum of Rs.1,999 and a maximum of Rs.25,000] |
|
On the overdue principal or EMI – 2% per month |
ICICI Bank | Up to 2.25% p.a. + GST | 5% p.a. of the outstanding principal + GST | 24% p.a. on the outstanding amount from the date of default |
Kotak Mahindra Bank | Up to 2.5% p.a. + GST | Lock-in period of 12 months, post 12 months – 5% charges for foreclosure + GST | 3% per month (compounded monthly) |
The State Bank of India (SBI) | Nil to 1% of the loan amount – on the basis of the loan applied for | 3% for Xpress Power Loans, Xpress Credit group of loans, and Xpress Pension Loans | For each EMI dishonoured – Rs.500 + applicable tax |
Yes Bank | Up to 2.5% of the loan amount [subject to a minimum of Rs.999 + tax] |
|
24% p.a. on the outstanding amount from the date of default |
Union Bank of India | 0.5% of the loan amount [subject to a minimum of Rs.500 + GST] | - | - |
Bank of Baroda | 2% of the loan amount + tax [subject to a minimum of Rs.1,000 and a maximum of Rs.10,000] | - | 2% on overdue amount |
IndusInd Bank | Up to 2.5% of the loan amount + tax |
|
Rs.450 + tax |
Bank of India | 2% of the loan amount + tax [subject to a minimum of Rs.1000 and a maximum of Rs.10,000] |
|
- |
Dena Bank | 1% of the loan amount | Nil | - |
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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