Here’s how to make sure your Personal Loan is accessible
Synopsis:It is essential to ensure that your Personal Loan is budget-friendly. Here’s an overview of how to stay clear of any unintentional fees and charges and to ensure you can repay your loan easily.
Hidden fees can add to the total price of the personal loan. Check out the following article to make sure that you’re seeking a personal loan is easy to pay back!
Although a personal loan may be an effective method to arrange the necessary cash to cover your own personal expenses but it is equally important to ensure that the loan can be repaid. It’s not just about looking at the interest rate and considering the other charges that lenders charge for personal loans. In the article below, know more about the additional charges that you could be required to pay when applying on a personal loan
Are there any additional costs that lenders charge on the Personal Loan?
Let’s discuss the typical charges that have to be paid by the person who is taking out of an individual loan. This is the list of fees are required to be paid in the event that you decide to avail the personal loan from IDFC First Bank.
* Processing fee:A processing fee of 3.5 percent will be taken out of the amount of loan at time of payment.
* Charges for EMI bounces:EMI bounce charges worth Rs400 are incurred per presentation not honoured.
* Repayment instrument swap charges: IDFC FIRST Bank charges Rs500 per change request.
* Statement of AccountIDFC FIRST Bank is charged the amount of Rs500 for a statement of Account.
* Duplicate No-Objection Certificate:You will need to make a payment of Rs 500 per request, plus the bank’s letter of credit.
* Disclaimer : above charges are not inclusive of GST and are subject to change.
Here’s the information you should be aware of to avoid paying hidden fees and ensure that the loan will be repaid without financial problems:
1. Learn and comprehend the documents pertaining to the loan
A loan contract contains the following essential details about your loan
* Personal loan interest rate
*The duration of repayment for the personal loan
* The method of repayment
* The terms and conditions for the repayment of a personal loan
It is essential to verify the details in detail prior to making a personal loan contract. Be sure to verify the processing fees for personal loans as well as the interest rate and other information prior to signing.
2. Plan your repayments
It is a good idea to know the repayment schedule for your personal loan and plan the payment on your loans in the future. One of the most efficient methods to prepare the repayment of your loan is to utilize an personal loan calculator for EMI similar to the one found on IDFC FIRST Bank’s website. The calculator is a tool available online that asks for the amount of your loan along with the repayment duration, as well as the rate of interest. Based on these data the calculator will then calculate your amount of your EMI (Equated monthly installment) value. In knowing the amount of your EMI payment prior to when they are due, you will be able to quickly plan when you will be able to pay off your personal loan. Here’s a quick outline of the advantages of making use of IDFC the personal loan’s EMI calculator from FIRST Bank
* Be well-aware of EMI values before you start
* Budget management
* Better selection of tenure
* Rapid and precise results
* Convenience
* Instant results
3. Choose a reputable lender to get a personal loan
Anyone seeking an individual loan today will find a number of lenders on the internet. However, before submitting an application to get a loan for personal use you should check the credibility of the lender on the market. You should also determine whether they have any additional charges in addition to the loan. Always take advantage of an individual loan from an established vendor in order in order to avoid any extra charges which include in processing fee. You can click below for a link to find the details of IDFC First Bank’s personal loan as well as its characteristics.
It is always best to choose a reputable lender that is clear about the charges that it charges on its site and in the loan contract.”
4. Examine the different types of charges
A loan contract is composed of a list of charges, including processing fees that need to be analyzed by the lender. If you’d like to have a an in-depth look at the fees associated with personal loans provided through IDFC FIRST Bank Click this link for more information. find out more.
Use these four steps to avoid additional fees when applying for personal loans. In short, take the time to read through the loan documentation and plan your repayments carefully make contact with a reputable lender, and evaluate the different fees you will be charged.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The information is general in nature and intended for solely informational purposes. This information is not intended to substitute for advice specific to your specific situation. This information may be subject to revision, updating or completion, revision as well as verification and modification, and may be changed substantially. It isn’t intended to be distributed or use by any individual in any country where such distribution or use is against the laws or regulations or expose IDFC FIRST Bank, or any of its subsidiaries to registration or licensing obligations. IDFC FIRST Bank will not be liable for any direct or indirect risk or obligation that the user may incur by making any financial decision in reliance on the information and other information provided. Consult your financial advisor prior to taking any decision regarding your finances.
The benefits, features and promotions discussed in the article are valid as of the date of publication of this blog and are subject to change at any time without notice. The information contained in this blog is subject to additional product-specific terms and conditions as well as any terms and conditions that are applicable. Please refer our website www.idfcfirstbank.com for latest updates.
