There are usually several costs connected with a personal loan. These involve basic costs such as the loan processing fees and interest rates, as well as highly-specific charges, inclusive of fees for online account access and EMI bounces. Before petitioning for a loan, it is ever a good idea to take a comprehensive look at all of these costs, to promote proper financial administration.
Personal Loan Interest Rates: Personal loans are all-purpose loans that can be applied as per your preference. The personal loan interest rates establishes the amount you require to repay as EMI. The personal loan interest rate is the lowest provided among all loans, starting at just 10.99%. Your loan rate considerably depends on your loan qualification, Credit Score, income and other criteria.
Processing Fee: The processing fee is charged by lenders at the time of reviewing the personal loan application. It is not refundable even if the loan does not get approved.
Outstation Collection fees: If the cheque you have assigned for payment has been executed to a non-local branch, lenders will grant an outstation collection charge for the acquisition of these cheques.
Statement of Accounts: Lenders will require a certain sum to issue your Statement of Accounts - a bank statement begetting a list of all transactions performed from your bank account through a given term. Although this amount will be imposed only for a hard copy, the soft copy being free of charge.
Loan Cancellation Charges: If you want to cancel your loan after the process of loan distribution, the lender will require a loan cancellation charge.
Instrument Swap Charges: If you want to exchange or swap your personal loan liability or the cash issue with another financial median, you can do it after making instrument swap charges.
Duplicate Repayment Schedule: The lender will bestow a repayment or amortisation agenda – a table that illustrates how your loan grows. If for any reason, you require a duplicate of this schedule, you can ask for a new one, available in both soft and hard copies. While the soft copy is free of cost, a set fee will be required for the hard copy.
Foreclosure Charges: Foreclosure charges are taken at the time of pre-payment of a personal loan, if in part or in full. No foreclosure charges are applied on loans with variable interest rates.
Foreclosure Charges for Top-Up: If you want to pre-pay, whether in section or in full, the top-up loan that you had used over and over your current personal loan, the lender will take what is identified as foreclosure charges for a top-up. These charges will only be taken if the "new" interest rate is lesser than the current one.
Conclusion:- Axis bank personal loan comes with added benefits.
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