Personal loan: If you take a loan without knowing these ‘hidden fees’, you are harmful!

Personal loan is one of the existing options for the purposes of money. Financial institutions are also giving personal loans to satisfy customers. People are using personal loans for many purposes, including home construction, home marriage, emergency journey or emergency for emergency or emergency for higher education. However, if individual loans are not taken, it is not only a burden of high interest rates, but also as hidden fees. If this is not known, the financial burden on you will increase. Know the details of the hidden charges related to the loan in this background.

Personal Loan: Hidden Fee ..

1.processing fees: Banks charge processing fees to process your personal loan application. It ranges from 1 to 3 percent of the loan amount. For example, when you borrow Rs 5 lakh, 2 % processing fee will be Rs 10,000! It is already cut. This reduces the real debt amount you receive.

2. For close fees: Many borrowers aim to repay their loans quickly to reduce interest costs. However, banks, NBF seals often impose pre -payment or four closes. Generally, it is 2 to 5 percent of the arrears.

3. late payment fee: There are late payment fees due to missing EMI. They usually have a percentage of rupee.

4. GST: Most loan -Goods and Services Tax (GST) is 18 %on related charges. The same applies to the processing fee and pre -payment fee.

5. insurance fee: In case of lost, disability or death, loan protection insurance is provided to cover EMI payment. The premium can be Rs.5,000 – 15,000 or more. It can be paid first or added to the loan amount. This increases the interest burden.

7.Conversion charges: Some bank borrowers allow borrowers to change their individual debt period or switch to floating interest rate from fix? Fee for this. The RBI has recently ordered banks to give creditors an opportunity to change the rates at a floating rate to fix the rates while resetting the rates.

8.minimum balance: If you do not have enough money for EMI auto debit in your bank account, then the bounce can be charged from Rs 300 to Rs 750. Multiple bounce also reduces your credit score.

(Note:- Debt intake should be remembered as risky.)