Personal Loan Tips: The bank charges a huge amount from you in the name of personal loan charges, know this before taking the loan...
The Indian banking sector has progressed significantly in the last few years. Today almost every person in India has a bank account. Indian banks are also distributing loans openly. In such a situation, if you are also thinking of taking a personal loan (personal loan tips) due to the need for money, then this information is going to be useful for you.
Do you know that after taking a personal loan, banks start charging different types of charges from their customers at every stage? Along with taking a loan, you have to pay everything from processing charges to forgetting EMI.
Processing charges on personal loan
While taking a personal loan, banks charge a huge amount in the name of processing charges. However, every bank charges different processing fees from its customers. Generally, this charge is 2.50% of the loan amount.
Verification charge
While taking a personal loan, the bank also charges you a verification charge. Actually, before giving a loan, the bank does a thorough investigation of its customers. Only after this, the loan approval is received. With this verification process, the credit history of the customer is checked.
Duplicate statement charge
After taking the loan, a statement is generated every month for loan repayment. If this statement is lost, there is a need to go to the bank again and get the statement issued.
However, for duplicate statements, the bank charges money from the customer in the form of a duplicate statement charge.
GST- When loan approval is received after completion of verification, banks also charge money in the form of GST.
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Charge for forgetting EMI
After taking the loan, the loan EMI has to be paid from time to time. However, many times customers take a loan but do not remember the date of paying EMI.
In such a situation, even if the EMI is missed, the bank charges the customer a late fee.
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