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Personal Loan Fees and Charges
When navigating the Airtel Loans plan, get all the information about the additional fees and charges crucial for informed financial decisions from our website/ Thanks App. From processing fees to penalty charges, being aware of the various costs associated with personal loans is essential.
Fees and Charges on Personal Loans
With Airtel Loans, high-interest rates are a story from the past!
Extremely flexible
Airtel Loans is quite flexible. You can easily choose the Personal loan amount, loan tenure, and EMI.
Get credit very easily
Apply for the Airtel Flexi Credit through a simplified process.
Low interest for all
Starting at just 11.5% per annum, Airtel Finance provides education loans at the most competitive rates.
How to apply for a Personal Loan?
Follow the simple steps mentioned below:
Airtel Thanks App
Find Shop > Airtel Finance
Select Flexi Credit
Fill in your basic details
Get best offer
Basis profile verification
Complete the KYC
Link your bank account
Features of Personal Loan
With Airtel Flexi Credit you get below
Personal loan amount
₹10,000 to ₹9,00,000
Interest rates
Starting from 11.5% p.a.
Personal loan tenure
03 to 60 months
Credit disbursal
Within 24 hours
No paperwork
100% online
Low processing fee
2% to 5% + GST
FAQs on Personal Loan Fees and Charges
What are the typical processing fees associated with a personal loan?
Processing fees for Airtel Personal Loans from Airtel Finance typically range between 0.25% to 3% of the loan amount, varying among lenders. These may include application fees and administrative costs incurred by the lenders.
Are there any other upfront charges besides the processing fee?
Yes, besides the processing fee, you may encounter verification charges, bounce charges, penalty charges, prepayment charges, repayment charges, loan cancellation charges, and duplicate certificate charges, depending on the lender and the terms of the loan.
How much is the processing fee as a percentage of the loan amount?
The processing fee for an Airtel Personal Loan usually ranges from 2 to 5% of the loan amount, determined by the policies and the specific type of loan.
Are there any ways to negotiate or waive the processing fee?
Some lenders may agree to negotiation for waivers or reductions may be possible based on factors like creditworthiness, loan amount, and the borrower's relationship with the lender. It also depends on the type of loan you opt for.
When is the processing fee typically charged - upfront or at loan disbursement?
The processing fee is typically charged upfront, either at the time of application or as part of the loan agreement process, before loan disbursement.
Are there any hidden charges that borrowers should be aware of?
While not necessarily hidden, borrowers should be aware of additional charges like bounce charges, penalty charges, prepayment charges, repayment charges, loan cancellation charges, and duplicate certificate charges, which may vary among lenders.
Can the processing fee be financed into the loan amount?
It depends on the lender's policies. Some lenders may allow the processing fee to be financed into the loan amount, while others may require it to be paid upfront.
Is the processing fee refundable if the loan application is rejected?
Typically, the processing fee is non-refundable, even if the loan application is rejected or the loan gets cancelled during or after the cooling-off period, as it covers administrative costs incurred by the lender.
Are there any penalties for early repayment or prepayment of the loan?
Yes, prepayment penalties may apply, ranging from 3% to 5% of the outstanding loan amount, depending on the lender's policies.
How do the processing fees and charges of different lenders compare?
Processing fees and charges vary among lenders, so it's advisable to compare offers from different lenders to find the most favourable terms.
Are there any government regulations regarding personal loan processing fees?
Government regulations regarding personal loan processing fees may vary by region or country, so borrowers should check with local authorities or regulatory bodies for specific guidelines.
Do the processing fees vary depending on the loan amount or tenure?
Yes, processing fees may vary based on factors such as the loan amount, tenure, and the borrower's creditworthiness.
Are there any additional charges for late payments or defaults on the loan?
Yes, additional charges like penalty charges and bounce charges may apply for late payments or defaults on the loan, varying among lenders.
How can I calculate the total cost of borrowing, including processing fees?
To calculate the total cost of borrowing, including processing fees, borrowers can add up all applicable fees and charges to the loan amount and consider the interest rate over the loan tenure.
Can I negotiate the terms and conditions regarding processing fees with the lender?
Yes, negotiation regarding processing fees may be possible depending on factors such as the borrower's creditworthiness, relationship with the lender, and prevailing market conditions. It's advisable to discuss options with the lender directly.
Personal Loan Lending Partner -
Airtel Flexi Credit
Personal Loan Fees and Charges
Throughout our lives, many of us encounter situations where securing a loan becomes essential, whether it's to pursue personal aspirations or professional endeavours. From acquiring a student loan for further education, to obtaining a personal loan for significant life events such as weddings, home renovations, purchasing a car, or unforeseen medical emergencies, the need for financial assistance is diverse and ever-present. But it is important to know all the loan charges and fees included with the fund so that you may make a sound and knowledgeable decision.
Types of Personal Loan fees and charges
Apart from the primary loan amount, there are a lot of miscellaneous loan charges that you might need to pay to the lender to complete the process. There are a couple of charges that are also levied post the imbursement of the loan amount that you might need to keep in mind. Here’s a table denoting all the personal loan charges and fees:
Types of Personal Loan Fees |
Applicable Charges |
|
Interest Rate |
Between 11.5% - 38% |
|
Processing Fees |
Between 2% - 5% |
|
Verification Charges |
Levied as per third-party firm charges |
|
Bounce Charges |
Up to ₹ 1200 |
|
Penalty Charges/Defaulting Fees |
Between 2%-8% (May differ from bank to bank) |
|
Prepayment Charges |
Different types of loans have different charges (4-5% approximately) |
|
Repayment Charges |
₹ 250- 500 |
|
Loan Cancellation Charges |
0 charges before cooling-off period, ₹ 2500-3000 after the cooling of-period |
|
Duplicate Certificate Charges |
₹ 250- 500 |
- Verification Charges: Most lenders/banks hire a third-party agency or firm to verify all your documents and credit score to make sure you can repay the loan. These agencies have their own charges and are either added to your loan amount or you can pay them separately.
- Bounce Charges and Repayment Charges: These charges may differ from bank to bank and get levied on you if the EMI bounces or repayment has to be done.
- Penalty Charges: If you have defaulted on your EMI, this charge is levied on you so make sure you agree to an EMI amount that is decided as per your financial capacity.
- Prepayment Charges: The reason lenders/banks give loans is because they make money on the payment of the interest and prepaying the loan amount may mean losses to you and may range between 3-5% as per different lenders’ policies.
- Loan Cancellation Charges: If you cancel your loan during the initial 15 days (cooling-off) period then you get no charges but if you cancel the loan post this period and before your first EMI payment date then you get charged this fee.
- Duplicate Certificate Charges: This charge is levied when you misplace the certificate and need a duplicate copy of the same.
What is personal loan processing fee?
Airtel Personal Loans from Airtel Finance usually charge you a very low personal loan processing fee, between 2% - 5%, for bearing all the administrative costs. This may also include an application form processing fee and the amount of this fee may also be calculated by taking into account the amount of loan taken by you or the type of loan you opt for. Sometimes the processing fees may increase as per your credit score worthiness and the efforts made to get you the loan.
Please note that some banks may have a ‘no fee personal loan’ offer and it also depends on the type of loan, the amount and the process of getting a loan.