Personal Loan Fees and Charges
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While Personal Loans offer flexible solutions by providing quick access to capital, there are fees and charges that come along with them. These include processing fees, prepayment penalties, and late payment fees. Responsible borrowers must be aware of them before applying for a loan.
Charge type | Applicable amount |
---|---|
Personal loan interest rate (Fixed) | Starting from 9.98% p.a. |
Loan processing fees (Non Refundable) | Up to 5% of the final loan amount plus taxes. |
Will be deducted from the loan amount at the time of disbursal. | |
Stamp Duty Charges | As per the respective State’s Stamp Act |
Penal charges on Overdue EMI | Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes (to be charged for actual no. of days) on overdue amount. |
Facility Rate of Interest (FRI) Charges | EMI standing unpaid on respective due dates shall attract FRI charges @ contractual rate for the number of days of delay in receipt of EMI. On non-receipt of FRI charges before the next EMI date, the charges will be adjust from the next EMI received. |
EMI dishonour/Bounce charges | ₹750 per instance (Inclusive of applicable taxes) |
Swap charges, i.e. charges for change in repayment mode, repayment instrument or EMI date | ₹500/- plus taxes per instance |
Lock-in Period for foreclosure and Part payment: | No lock-in period for Kotak Personal loans post servicing of first EMI. |
Foreclosure/Part payment charges | Up to 3 years - 4% + taxes on outstanding principal/part payment amount |
After 3 years - 2% + taxes on outstanding principal/part payment amount | |
Part payment clause | Allowable limit is up to 20% of Principal loan outstanding |
It is allowed only once in a financial year | |
The effect of the part payment can be given on either EMI or Tenure | |
Either foreclosure or part payment is allowed in one financial year | |
Physical SOA or Amortization schedule | Once in a year- No charge. |
Post that - ₹200 plus taxes per request | |
Legal charges | at actuals |
Cancellation charges for Digitally availed loans within cooling off period (Cooling off period : Transaction+4days) | NIL |
Cancellation charges for Digitally availed loans after cooling off period (Cancellation can be done only before first EMI date) | ₹1000.00 plus Taxes or 1% of principal outstanding plus Taxes, whichever is higher |
Cancellation charges for Non-Digital loans availed through offline channels (Cancellation can be done only before first EMI date and No cooling off period applicable) | ₹1000.00 plus Taxes or 1% of principal outstanding plus Taxes, whichever is higher |
Disclaimer: The above charges are indicative and subject to change basis agreement between bank and the borrower. The fees and charges are subject to revision by Kotak Mahindra Bank from time to time. If there are any changes in the fees and charges structure, the same will be updated on the Bank’s website. |
A Personal Loan processing fee or Personal Loan charge is levied as a percentage of the loan amount to cover the cost of sanctioning a loan. This is one of the most basic fees charged while taking out a loan. These charges vary depending on the amount you withdraw, the financial institution you choose, the loan term and few others.
Choosing the right financial institution makes securing a Personal Loan a lot easier. Search for the nearest Kotak Mahindra Bank to apply for a Personal Loan.
Don’t forget these factors while selecting a Personal Loan:
Personal loan overdraft is a credit facility offered by Kotak Mahindra Bank which allows you to overdraw your account balance for meeting your financial needs. This loan is allowed up to a specified limit depending on your account balance.
Charges specific to Personal Loan Overdraft facility | Applicable amount |
---|---|
Interest rate | 13.50% per annum onwards |
Processing fees | Up to 5% of the final loan amount plus taxes |
Penal Charges on Overdue/Overutilised amount | Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes (to be charged for actual no. of days) on overdue amount plus applicable taxes not exceeding Rs. 5 lac (plus applicable taxes) in a calendar month |
Lock-in Period | 12 months |
Foreclosure Charges (post lock-in period) | Nil |
Foreclosure Charges (in case lock-in period is not served) | 4% + taxes on current sanction limit |
Non-utilization charges | If average utilization of the facility is below 25% of drawing limit in the account, then Charges at 0.40% p.a. will be applied on the unused limit + applicable taxes |
Repayment account swap charges | Rs.500 + taxes per swap |
Account statement charges | Physical account statement: Rs.200 + taxes per instance (can be availed from any Kotak branch) |
Please note that account statement can be downloaded for free via net banking/mobile banking. | |
Bounce/dishonour charges | Rs. 750 per instance (Inclusive of applicable taxes) |
Disclaimer: The above charges are indicative and subject to change basis agreement between bank and the borrower. The fees and charges are subject to revision by Kotak Mahindra Bank from time to time. If there are any changes in the fees and charges structure, the same will be updated on the Bank’s website |
Charge type |
Old GSFC - Standard Chartered Bank |
Revised Standard Chartered Bank Personal Loan Fees and Charges |
---|---|---|
Applicable amount |
Applicable amount |
|
Personal loan interest rate (Fixed) |
10.25% to 23% per annum | No change |
Loan processing fees (Non Refundable) | up to 2.25% of loan amount | No change |
Stamp Duty Charges | - | No change |
Penal charges on Overdue EMI | 2% per month overdue Charges on the principal along with interest | Amounts standing unpaid on respective due dates shall attract penal charge at 8% per annum plus applicable taxes (to be charged for actual no. of days) on overdue amount. |
EMI dishonour/Bounce charges | Rs 495 + GST | Rs.495 + applicable taxes |
Swap charges, i.e. charges for change in repayment mode, repayment instrument or EMI date | INR 500 + GST | INR.500 + applicable taxes |
Lock-in period | 12 months lock-in period | No change |
Foreclosure charges | Number of EMIs paid Pre-closure charges on principal outstanding | Lock-in period [12 months] : Not allowed Post Lock-in period : 3% + GST on outstanding principal.[If any other foreclosure/pre-closure charges committed in writing via a Sanction letter or in the Agreement letter like NIL, 1% or 2% then such an event whichever is lower shall be applicable] |
0 - 12 Not Allowed | ||
13 to 24 5% + GST | ||
25 to 36 4% + GST | ||
>36 3% + GST | ||
Part pre-payment charges | Number of EMIs paid Pre-closure charges on principal outstanding | Part-Prepayment is allowed up to 25% of Principal loan outstanding. It is allowed once a year. Charge per instance of part payment is INR 500 plus taxes |
0 - 12 Not Allowed | ||
13 to 24 4% + GST | ||
25 to 36 3% + GST | ||
>36 2% + GST | ||
Physical SOA or Amortization schedule | No charge | No change |
Facility Rate of Interest (FRI) Charges | EMI standing unpaid on respective due dates shall attract FRI charges @ contractual rate for the number of days of delay in receipt of EMI. On non-receipt of FRI charges before the next EMI date, the charges will be adjust from the next EMI received. |
The purpose of borrowing a Personal Loan is different for different people. A Personal Loan is a good option if you are short of money to pay your bills or want to reconstruct your house. After researching the various options available, select the best one for you.
Yes, Personal Loans have processing fees. The processing fee is charged to cover the cost of giving a loan. This charge may vary from one financial institution to another. While choosing a Personal Loan, you must ensure it is reasonable.
Most financial institutions allow customers to make EMI payments after the due date. However, a penalty for late payment will be charged. Making EMI payments on or before the due date is advised to avoid late fees and maintain good financial health.
Lock-in period structure : |
A) Loan tenure <= 18 months : Lock-in period will be 50% of the total tenure period. |
B) Loan tenure > 18 months : 12 months Lock-in period. |
Banks accrue administrative costs to approve and disperse a loan. Even though it is a small amount compared to the loan offered, it varies across financial institutions. For instance, the processing fee may change depending on the loan amount.
Kotak Mahindra Bank has the lowest fees and charges for its personal loans. I got a very good deal on the loan that I availed of.
Reviewed on 03/23/2022
The interest charged by Kotak Bank is very competitive. The bank allowed me to avail of an affordable personal loan, quite easily.
Reviewed on 03/23/2022
Kotak Bank informed me about all the fees and charges associated with its personal loan. I got the loan with full transparency and at the best rates.