Top News

Bank Loan Hidden Charges: Do you think taking a bank loan only means knowing the interest rate, filling the form and getting money? If you think so, then wait! Actually, there are many things that bank agents often do not tell you. outcome? Later, hidden charges, heavy penalty and financial tension are faced. Let’s know those 7 important things, which are mandatory for every loan to know – 1. Processing fees and documentation charged every loan costs 1% to 3% processing fees, which is already deducted from your loan amount. The documentation fee (₹ 1000 – ₹ 2000) and stamp duty can also be levied. Many times agents are ignored by calling it “Minor”, but it reduces the money in your hand. Late Payment/EMI bounce penalty, if EMI does not go on time or your account is empty, then “late fees” (2–4% per month) and “EMI bounce charge” (₹ 500 – ₹ 1000 per case). This not only has to be fined, but also the CIBIL score also falls and the loan is difficult to get the loan. 3. If you want to finish the loan quickly on the prepament/forecluser, then the bank often charge a prepament or foreclower charge up to 2-5%. Most people think that the money will be saved from early paying, but the charges reduce this benefit. 4. You have to pay GST (18% now) separately on every charge of GST, service tax and other levibank. It also appears on charge management fees, forecluser, processing, etc. – which is often overlooked. 5. If you do not take the loan cancellation of loan or return the document even after approval, then the ‘loan cancellation charge’ (₹ 1000 – ₹ 3000) or document returns may be charged. 6. Read all the things properly (Fine Print) Read every page of loan agreement carefully. Understand every ‘term’, verify penalty, charge, rating everything. If you have a doubt, get cleared from the bank. 7. Apart from the loan, do not see the expenses and EMI – you will also have to pay registration fees, insurance, registration, documentation, admin charge etc. These expenses are in thousands in large loans (home loans, car loans). The most important: Never give money to an agent or unknown collar first! Beware of “processing” or “surcharge” frauds in the name of getting a loan! Contact Verified Bank Branch or their official portal only. Take care tips – Keep in mind while taking a loan: Get all the charges and fees written on paper. Know the installment of every month from EMI calculator.