I am going to record along the costs and term and conditions for the personal bank loan made available from my bank card issuing bank. Your bank could have various terms and conditions.
Although the loan is immediate and pre-approved, there was fee that is still processing of%. Ergo, if you’ve been made an offer of that loan of Rs 5 lacs, you’ll be charged a processing cost of Rs 5,000. And yes, there was service income tax.
In addition, there was an one-time deal charge of 2.5% associated with loan quantity.
If you wish to prepay the mortgage, there was prepayment penalty of 3% from the outstanding principal amount. Banking institutions are allowed to charge penalty that is pre-payment fixed price loans such as for example signature loans. Ergo, in the event that you had taken that loan to tide over a rather temporary crisis, exit just isn’t possible for you.
The money will be credited to your account (or draft sent) in a few hours or days in most cases, as soon as you accept the terms and conditions. Various other instances, there could be a extra approval action as well as the quantity is credited for your requirements post approval.