Hidden fees can make your loan more expensive. To ensure you apply for a personal loan you can repay, read the following article.
A personal loan can be an excellent way to arrange for funds for personal expenses. However, it is essential to ensure that the loan is reasonable. More is needed to focus on the interest rate on personal loans. You also need to consider the additional fees that lenders may charge. To learn more about the extra costs that may apply to personal loans, please read the following article:
What additional fees do lenders charge for a personal loan?
Let’s now talk about the charges common to personal loan borrowers. This is the list of fees that you will need to pay if you want to get a personal loan from IDFC FIRST Bank.
Processing Fee: A processing fee of 3.5% will apply to the loan amount when disbursed.
EMI bounce fees:EMI bounce costs of Rs400 are charged for every presentation that is dishonoured.
Repayment instrument swap charges: IDFC FIRST Bank charges Rs500 per change request.
Statement Of Account: IDFC First Bank charges Rs500 to issue a Statement of Account.
It would be best if you remember these things to avoid paying hidden fees and ensure your loan is repaid on time.
Learn and understand the loan documents.
These are the important details of your loan that you will find in a loan agreement:
Personal Loan Interest Rate
The repayment term of a personal loan
The method of repayment
Terms and conditions for repayment of a personal loan
Before signing a personal loan agreement, you must verify and revise all details. Before signing, verify the interest rate and processing fees for personal loans before signing.
Plan your repayments
Knowing your personal loan repayment schedule and planning ahead for repayment is always helpful. A personal loans EMI calculator is a great way to plan your loan repayments. The online calculator requires you to enter your loan amount, repayment term, and interest rate. The calculator will then calculate the Equivalent Monthly Instalment (EMI) value. You can plan the repayment of your loans easily by knowing your EMI payments ahead of time. This is a quick overview of the many benefits of IDFC FIRST Bank’s loans EMI calculator.
Becoming aware of EMI values before
Budget Management
More tenure selection
Fast and accurate results
Convenience
Instant results
Do you prefer a trusted lender to get a personal loan?
Online lenders are available to anyone who wants to apply for a personal loan. Before applying for a personal loan online, it is essential to evaluate the reputation of any lender and verify whether additional fees are charged. You must always get a personal loan from a trusted vendor to avoid additional costs. To view the IDFC FIRST Bank personal loan, click HTML3_ HTML4_
It is always best to choose a trusted lender who clearly explains all charges on its website as well as the loan document.
Compare the different types of fees
The loan agreement document contains a list of fees, including processing fees. Borrowers must carefully assess the costs. Click to learn more to view the IDFC FIRST Bank personal loan processing fees.
These are the top four ways to avoid additional fees when applying for a personal loan. Let’s sum it up: Read the loan documents carefully, plan your repayments and contact a reputable lender to assess any fees.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. These contents are general and are intended for informational purposes only. This information is not intended to replace specific advice tailored to your particular circumstances. Information is subject to change, completion, revision, verification, and amendment. This information is not intended to be distributed or used by anyone in any jurisdiction where such distribution, use or regulation would be against law or subject IDFC FIRST bank or its affiliates under any licensing or registration requirements. The reader is solely responsible for any loss or liability incurred due to making financial decisions based on the information and contents. Before making any financial decisions, please consult your financial advisor.
