8 Easy Ways to Apply For Personal Loan with Bajaj Finserv - Loan Trivia


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Friday 27 January 2023

8 Easy Ways to Apply For Personal Loan with Bajaj Finserv

Knowing the specifics of your loan will allow you to manage your finances and make timely payments. Follow these tips if you are considering a personal loan application.

1. The cost of processing

The application fee is as stated above. All the fees associated with finalizing your loan are reflected there. On average, it ranges from 2.25 per cent to 3 per cent of the principal. At the time of the loan's execution, you'll be expected to pay this cost.

2. Safeguarding Costs

Only online personal loan applications are subject to this cost. This is a regular fee that goes toward the cost of keeping the lender's digital infrastructure safe from intrusion by hackers and malware. In order to complete the online application process, you will be required to pay a cost of approximately Rs. 2,499.

3. Rate of Interest

Interest is the cost you incur to borrow money from a financial institution. It's the price you must pay to get credit. This charge is required on a monthly basis and begins at 12.49 per cent. It's a component of the regular monthly EMI payment.

4. EMI bounce charges

This cost is added as a penalty to your EMI payment if your EMI check bounces. Bounce fees average between Rs. 600 and Rs. 1200 per bounce.

5. The ratio of penal interest to basic interest

If the borrower is late with loan payment methods, the lowest personal loan rates, a penalty interest rate will be applied. That's the price you pay when you're late with your payments. After the initial term expires, there will be a 2% monthly charge.

6. Costs associated with foreclosure

Lenders' investments are frequently jeopardized during foreclosure. Therefore, this fee is occasionally assessed when a borrower requests a foreclosure on their loan prior to the end of the tenor. Excluding any taxes that may be due on the principle, this cost amounts to about 4%.

7. Fees for partial prepayment

The lender loses out on interest when a borrower prepays a portion of their personal loan. So, if you wish to take advantage of this option, you'll have to pay the lender 2% in part-prepayment charges (not including taxes).

8. Regular upkeep fees per year

Just as the name implies, this is a fee you'll have to pay to keep your account active. All Personal Flexi loans and Personal Term Lines incur yearly fees of 25%.

Read Also: 5 Points To Keep In Mind Before Availing Of A Personal Loan

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