Know these things before taking a personal loan, there are so many types of charges - Newztezz Online

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Saturday, May 6, 2023

Know these things before taking a personal loan, there are so many types of charges

You get personal loan approval on the basis of very few documents. This is the reason why this loan is easily available when you need it suddenly.

If you also want to take a personal loan, then this news can be of use to you. The bank imposes various types of charges on the personal loan. This includes everything from verification charges to processing fees. Banks also earn a lot from these charges. If you are also going to take a personal loan, then you must know about these charges.

By the way, the personal loan gets approved on the basis of very few documents. This is the reason why this loan is easily available when you need it suddenly.

There are many charges on personal loan

Processing Charges – While taking a personal loan, banks charge you a hefty amount in the name of processing fees. Every bank charges different processing fees from its customers. This is only 2.50% of your total loan amount.

Verification Charge – The bank does a complete investigation before giving you the loan. Only after this you get loan approval. For this, the bank scrutinizes your entire credit history. After this takes charge for this verification.

Charges apply even for forgetting EMI- Now after taking the loan, if you forget to pay its EMI or pay late EMI, then the bank charges you late fee for that too.

GST- After getting the loan approval, the customer has to pay some amount as GST to the bank.

Duplicate statement charge – A statement is generated every month to offset your loan. If you lose this statement, then you have to go to the bank again and get the statement removed. For this, the bank charges you a duplicate statement.

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