Q. What are the charges payable in case of Personal Loans and when are they payable?
Bank charges a processing fee which ranges from 0.5%-3% of the total amount of the loan when someone applies. A person can negotiate with the bank for a processing fee. A person can also negotiate for the interest rate with the bank. The other charges include prepayment penalty, which varies from 2%-5% paid at the time of preclosure (returning the money before the stipulated tenure of the loan).
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