Before taking a personal loan, home loan, or other credit facility, understand the charges that may affect your total borrowing cost.
- Foreclosure or Pre-closure Charges: Generally 2%–6% for applicable fixed-rate loans. Floating-rate loans may have zero charges, subject to applicable regulations and loan terms.
- EMI Bounce Charges: Generally ₹500–₹1,000 plus GST.
- Part-Payment Charges: Generally 2%–5%, depending on the bank or NBFC.
- Fixed vs. Floating Interest Rates: Understand how your interest rate is calculated and whether it can change during the loan tenure.
- Processing Fees and Hidden Charges: Review the processing fee and all other applicable charges before signing your agreement.
Always read the loan agreement carefully and confirm the exact charges with your lender. The amounts and percentages mentioned above are general examples and may vary by lender, loan product, and applicable regulations.
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