There’s no better loan than a personal loan to meet goals such as a wedding, medical emergency, travel and alike if it comes at lower interest rates and charges. With no need to submit collateral and an easy documentation process, no wonder why people opt for the lowest personal loan interest rates to meet their financial needs. So, knowing the personal loan charge list beforehand will help you choose the best offer available in the market. We at zarooribaathai.in thought of helping you in your endeavour.
Personal Loan Charge List of Different Banks
The extensive personal loan charge list consists of interest rates, processing fees, prepayment charges, late payment charges, etc. Let’s talk about each of these charges below.
Personal Loan Interest Rates
Personal loan interest rates determine the pace at which you need to pay the loan. The rates determine greatly the quantum of Equated Monthly Instalment (EMI) applicable to personal a loan. Interest rates occupy much of one’s attention when checking the personal loan charge list at lenders.
All Banks Personal Loan Interest Rates
Personal Loan Interest Rates in SBI
State Bank of India (SBI) offers personal loans to employees of central and state governments along with those working in the private sector. The current personal loan interest rate in SBI stands at 11.25-15.40% per annum.
Personal Loan Interest Rates HDFC Bank
HDFC Bank, a premier private sector lender, disbursed personal loans to salaried and self-employed at interest rates ranging from 10.75-24% per annum. It is among the best personal loan interest rates in the prevailing market scenario.
ICICI Bank Interest Rates
ICICI Bank offers personal loans at competitive interest rates ranging from 10.80-16.15% per annum. Both salaried and self-employed can access this unsecured loan from ICICI Bank.
Interest Rates That Axis Bank Offers to Customers
Axis Bank personal loan interest rates range from 10.99-22% per annum. Considering the prevailing market, borrowers can apply for a personal loan online at Axis Bank. With seamless disbursement and easy documentation, the bank is the best personal loan option for customers.
Kotak Mahindra Bank Personal Loan Rates
Kotak Mahindra Bank disburses personal loans to salaried and self-employed at interest rates starting from 10.99% per annum. Based on your credit history, income, professional status and other factors, the renowned private lender decides the interest rate you will need to pay the loan at.
Processing Fee Applicable to a Personal Loan
Among the personal loan charge list, processing fees matter too. The processing fee is an amount the lender charges at a certain percentage of the loan amount plus GST. Some lenders might charge a flat fee plus GST.
SBI Personal Loan Processing Fee
SBI Xpress Credit Personal Loan comes with a processing fee of 1.50% of the loan amount plus GST. It charges a minimum of INR 1,000 plus GST and a maximum of INR 15,000 plus GST.
HDFC Bank Personal Loan Charge List on a Processing Fee
Personal loan processing fee HDFC Bank amounts to upto 4,999 plus GST, based on the overall profile of the borrower.
ICICI Bank Personal Loan Processing Fee
ICICI Bank charges a processing fee of up to 2% of the loan amount plus GST.
Processing Fee of Axis Bank
Axis Bank personal loan processing fee stands at upto 2% of the loan amount plus GST.
Kotak Bank Personal Loan Charge List on a Processing Fee
Kotak Mahindra Bank processing fee charges stand at upto 3% of the loan amount plus GST. While putting this personal loan charge list, the lender checks the overall profile of the borrower in terms of financial stability and professional status.
Prepayment Fees – An Important Element of Personal Loan Charge List
Prepayment means closing the personal loan before its original tenure by paying the outstanding balance. You can make full or part prepayment of the loan depending on the availability of funds. Doing so helps you reduce your interest liability. However, it comes with certain charges that you as a customer should know before applying for a personal loan online or at the lender’s branch.
All Banks Personal Loan Prepayment Charges
SBI Personal Loan Prepayment Cost
SBI allows you to prepay the loan within 3 years of disbursement at charges amounting to upto 3% of the prepaid amount. However, if you prepay a loan by opening a new loan under the same, no prepayment charges will apply. This is the best part about SBI personal loan charge list.
HDFC Personal Loan Prepayment Online and Offline Charges
HDFC Bank allows personal loan prepayment (Full and Part Payment) after crossing the cooling-off period as specified in the loan document. Both full prepayment charges are shown below.
Upto 24 EMI Payments – 4% of the Principal Outstanding + GST
From 24 to 36 EMI Payments – 3% of the Principal Outstanding + GST
Post 36 EMI Payments – 2% of the Principal Outstanding + GST
The part prepayment charge percentage remains the same as above. However, the percentage here will apply to the part payment amount.
Personal Loan Prepayment Charges ICICI Bank
ICICI Bank Personal Loan Charge List for prepayment stands at 3% of the outstanding loan balance within the first 12 EMIs. After 12 EMIs, there are no charges. However, the bank allows prepayment only after the successful payment of the first EMI.
Axis Bank Personal Loan Prepayment Norms
Axis Bank allows you to prepay a personal loan both fully and partly. The lender charges 3% of the outstanding loan balance plus GST for loans prepaid within 36 months of disbursement. At the same time, loans prepaid after 36 months will attract a charge of 2% of the outstanding loan balance plus GST. The charge rate for part payment remains the same as full prepayment. However, the charge here applies to the part payment amount.
Kotak Personal Loan Prepayment Charges
Kotak Mahindra Bank allows prepayment of disbursed personal loans only after the successful payment of the first EMI. Loans prepaid within three years of disbursement attract a charge of 4% of the outstanding loan balance plus GST. Whereas after three years, the prepayment charge is calculated at 2% of the outstanding loan balance plus GST.
Conclusion
As a borrower, it’s important to review the personal loan charge list of several lenders carefully before choosing the best option. We at zarooribaathai.in offer the best financial tips to people across ages. Do visit us for more insights.
