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A processing fee for a Personal Loan is a charge that lenders impose on borrowers to cover the costs associated with processing their loan a
If you are considering taking out a Personal Loan, you may have come across the term “processing fee.” A processing fee for a Personal Loan is a charge that lenders impose on borrowers to cover the costs associated with processing their loan application.
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Personal Loan Processing Fee
Personal loans are the best option for financial help which can be used by an individual to meet their personal loan processing fee expenses. However, a personal loan is an unsecured loan on which there are many other fees and charges other than interest on the amount. 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 for personal loans are listed down as follows:
Processing charges: At the time of processing a loan, a bank imposes some cost related to administration. This amount is quite small and often varies between 0.5% and 2.50%. The processing charges for personal loans may vary from bank to bank. The individual applying for a personal loan can choose from: (I) paying the processing fee straight away, or (II) having the processing fee deducted from the actual loan amount at the time of its disbursement.
Verification charges: A bank will have to be assured about the loan repayment capacity of an individual before they actually disburse the loan. For the purpose of verification, the bank usually hires an agency (third party) for verifying the credentials. These agents check the credit scores and credit repayment patterns of the individual who has applied for the loan. This extra cost incurred on part of the bank for the purpose of verification is known as the verification charge. This charge has to be borne by the applicant of the loan as it is an additional cost for the bank.
Goods and Services Tax: For any additional service which is required by the loan applicant during the sanction of a loan or during the period of repayment of the loan, a small fee has to be borne by him/her against the service in the form of Goods and Services Tax or GST.
Penalty on overdue payment of EMIs (defaults): When an individual opts for a loan, he/she is required to repay the personal loan amount in the form of EMIs or equated monthly instalments. It is the responsibility of the borrower to make sure that the EMIs are paid on time. Defaulting on the payment of an EMI would attract a penalty. Thus, it is always important to calculate the EMI amount in advance and plan the finances and tenure for the loan accordingly.
Penalty for prepayment or foreclosure of loan: Foreclosure of a loan stands for the repayment of the loan amount before the stipulated tenure of the loan. Paying off the debt before time might cause the bank to incur a loss. In order to make up for the loss, the bank might charge a penalty for the prepayment. This penalty is usually charged at the rate of 2% to 4% and varies from bank to bank.
Fees for duplicate statement: A bank might charge a fee for generating a duplicate statement of the schedule of payment and outstanding balance of the loan. This fee generally ranges between Rs.200 and Rs.500. This fee also varies from bank to bank.
