InvestorQ : What are the charges a borrower has to pay a lender for taking a personal loan?
Anisha Awate made post

What are the charges a borrower has to pay a lender for taking a personal loan?

Answer
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3 years ago
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The main charge that is levied to you when you take a personal loan is the bank/ non-banking finance company’s processing fees.
Although processing charges vary from one lender to another, they usually range between 1% and 3% of the loan amount.
Other than the processing charge, which a lender will charge you upfront, a lender may levy any of the following charges:
- Prepayment charges
- Additional interest on late payment
- Repayment mode swap charges
- Amortisation schedule charges
- Statement of account charges
- Prepayment/foreclosure statement charges
- Duplicate no objection certificate/ no dues certificate
- Duplicate prepayment/foreclosure statement charges
- Loan cancellation charges
- EMI bounce charges
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