Hello, Guys, This Is The Second Part Of The Article About Charges Involved In Service Charges And Fees Involved In Personal Loan. If You Missed First Part Here Is The Link-Click Me.
In This Part We Going To See Charges Involved In Personal Loan After You Get It, The General Charges Which Show In Below Are The Charges On Loan After Disbursal So Let’s Dive In
- Pre-Closing Charges/ Foreclosure Charges
- Balance Transfer Loan Charges
- Loan Cancellation Charges
- Cheque Bounce Charges
- Duplicate NOC /No Due Certificate Charges
- Loan Account Statement Charges
- Penalty On Interest Rates On Overdue.
2.1 Pre-closing charges or foreclosing charges:
On Your Personal Loan Before Maturing Period Of The Closing Loan Is Called Pre-Closing. Bank To Bank This Terms And Conditions Differ. Locking Periods-Banks Allow The Customer To Close The Loan After 1 EMI Or 6 Months, Or After A Year.
Also For Pre-Closing, The Personal Loan Charges Vary From Bank To Bank Range Starts From 0 To 5 % On The Principal Outstanding Amount.
Foreclosing Charges Based on:
- Loan Amount Availed
- Current Employer
- Customer to Customer
Part payments charges:
Banks or financial institutions allow the customer to pay the principal outstanding amount. very few banks provide this facility.
Banks allow the customers to pay loan amount without any conditions some banks are asking the customers to pay 3X of EMI amount.
Some Banks Have This Facility Charges. It Is Around 0 % 2 % Of The Principal Payment Amount. By Paying Part Payments Customer Can Modify Their Personal Loan, Either They Can Reduce The EMI Amount Or They Can Reduce The Tenure Of The Loan
2.2 Balance Transfer charges On Personal loan:
Balance Transfer is the personal loan. the customer can transfer their outstanding personal loan from a current bank or financial institution to another. to know more
Some banks have 0% charges and some have 5 %
Note: Pre-closure zero having conditions on own funds pre-closure zero offer not applicable to do balance transfer
- Internal balance transfer charges
- External balance transfer charges
Top up personal loan charges:
On existing, personal loan customer can avail additional funding on the same personal loan. For this, conditions differ bank to bank.
During top-up of personal loan, the loan tenure and interest rates get restructured once again. Banks follows charges normally 0 % to 2.3% of existing principal outstanding amount.
2.3 Personal Loan cancellation charges:
After disbursement of the personal loan, customer wise to cancel or terminate the loan agreement. still, he/ she can cancel the personal loan by paying penalty amount 3000+18 % with gap interest.
EMI BOUNCE CHARGES:
In case ECS gets bounced because of the insufficient fund’s customer have to pay Cheque or ECS Bounce charges to the Bank it is around Rs200 to Rs500 with GST.
ECS(Electronic Clearness System)-Bounce may happen because of technical issues on that time Pay EMI manually or you can show the bank statement for the proof of available balance and claim cheque bounce charges.
ECS bounce charges occur due to insufficient balance. these charges differ bank to bank its Around Rs250- Rs550.+ GST.
- Duplicate NOC /No due certificate charges.
Normally all the banks after closing the loan amount or clearing the loan amount bank send soft copy of NOC for free. if the customers lost NOC some banks Reissue with charges It is around Rs 500.
- Loan account statement charges.
Loan Account statement nowadays all the customers can download from online itself. Also hard copy also they will give in case of more than 1-year customer ask they will charge. Again this depends on the bank to bank. These charges differ from 150 to 500.
2.7 Penalty Interest charges On Overdue Amount.
EMI unpaid amount is called overdue-On Overdue amount banks or financial institutions charging 24 % Per Day interest. So better paying on time will not eat your money.
Note: delay payments on Emi bounce banks will update in CIBIL. It will have impact on your credit score. So always keep available balance before the EMI date.