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Tata Capital > Blog > Personal Loan Fees and Charges – Explained

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Personal Loan Fees and Charges – Explained

Personal Loan Fees and Charges – Explained

Are you planning to get a personal loan to fund your dream wedding or meet urgent medical expenses? From funding vacations to paying college fees, a personal loan is a useful financial instrument that can help you make big purchases when you need them the most.

Additional Read – 9 Features of a Personal Loan that Make it Popular

However, it is essential to remember that these loans often come with specific personal loan fees and charges.

Here’s a thorough list of said charges related to personal loans

• Processing Fees

A one-time non-refundable processing fee is levied on availing a personal loan at the time of application.

• Penal or Additional Interest

Penal or additional interest is the rate of interest charged over and above personal loan interest rates as a penalty for delayed EMI payments.

• Bounce Charges

Bounce charges are personal loan charges levied when you skip an EMI payment due to insufficient funds in your bank account.

• Mandate Rejection Service Charge

This is a personal loan charge levied upon rejection of any of the services rendered by the lending institution.

• CCOD Annual Maintenance Charges

When applicants apply for a personal loan under flexible funding option such as Cash Credit or Overdraft, the maintenance of such an account accompanies afee known as the CCOD annual maintenance charge.

• Outstation Collection Charges

In case the cheque deposited for EMI payment of personal loan has been made to a non-local branch of the lender, the borrower will be charged with a fee for the collection of such cheques known as the outstation collection charge.

• Statement of Accounts

The lender issues the Statement of Accounts for every personal loan applicant, which has a list of all transactions made from the applicant’s bank account for a given period. To issue this Statement of Accounts, lenders charge a fee for the hard copy, whereas the soft copy is free of cost.

• Loan Cancellation Charges

If an applicant wishes to cancel their personal loan following the process of loan disbursal, the lender will levy loan cancellation charges.

• Instrument Swap Charges

If an applicant wishes to swap or exchange their personal loan liability or their cash flow with a different financial instrument such as bonds or equities, they can do so after paying personal loan charges such as instrument swap charges.

• Duplicate Repayment Schedule

Lenders issue borrowers a repayment or amortisation schedule – a table showing how the borrower’s personal loan has evolved. If a request is made for a duplicate schedule, the lender will charge a specific fee for the hard copy of the same, the soft copy being non-chargeable.

• Duplicate NOC

If a personal loan borrower requests for a duplicate NOC or No Objection Certificate, the lender will require the borrower to pay a specific fee for the reissue.

• Post-Dated Cheque Charges

Personal loan fees are levied for post-dated cheques made for EMI payments. A post-dated cheque is one that mentions a future borrowing date.

Now that you know all about personal loan fees and charges, you can get a clearer idea of what your loan may cost you.

Are you looking to apply for a personal loan online? If yes, then do so with India’s leading lending institution – Tata Capital. We offer personal loans for salaried individuals and self-employed.

Visit our website and check your eligibility, determine the right EMI using our online personal loan EMI calculator, submit relevant documents, and apply for an instant personal loan today!

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