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Transparent Fees, Hassle-Free Loans – Borrow Smart with lendingplate!
At lendingplate, we keep our processing fees for personal loans between 1% to 5%. You pay this one-time fee when your loan gets approved. We calculate this amount based on your credit score and loan amount for fair pricing.
The processing fees for personal loans cover all administrative costs to review your application. This includes verifying your documents and credit history – which our team works on quickly.
We use secure systems to check your details with credit bureaus to determine your loan eligibility. Our fees also cover the technology that lets you apply online without visiting any branch. This helps us transfer funds to your account on the same day after approval. We keep these fees fair while offering you quick service with minimum paperwork.
Knowing about the processing fee for personal loan/personal loan processing fee helps you manage your overall borrowing cost with confidence. Here are the prime details that you need to consider –
Helps Get an Idea of the Upfront Cost
Understanding the interest rate or monthly instalment is compulsory. However, you must know exactly how much you need to pay as upfront charges before you accept a loan offer. Lenders usually charge a fee for the effort of completing your application & verifying your documents.
They charge the fee because of handling all the administrative work. A few lenders show this as a single percentage while others may have several fees. Ignoring processing fees can make your loan much more expensive.
Get Yourself a Financial Check
If the lender charges a hefty fee, you get less money in hand. For example, if you borrow ₹5,000 and the lender applies a 3% fee, you only get ₹4,850. This means your funds are already trimmed before you start using them. Knowing the figures makes you smarter. It lets you compare competing offers while negotiating for a better deal. You can also find a 0 processing fee personal loan if your profile qualifies. Besides, you can avoid last-minute surprises.
Here are our personal loan charges and fees –
| Sr. No | Charges | Details |
| 1. | Processing Fees | 1% - 5% of loan amount |
| 2. | Conversion Fee | 1 - 5% of the amount |
| 3. | Interest Rate | 12% - 36% per annum |
| 4. | Foreclosure | 5% of the amount [Nil if prepaid on or after your first due date] |
| 5. | Mandate Return Fee | 500/- [inclusive of GST] |
We offer various loan types with clear processing fee structures to meet your money needs. Each loan type has specific fees based on the amount and purpose.
| Loan Type | Processing Fee |
| Education Loan | 1% - 5% of loan amount |
| Personal Loan | 1% - 5% of loan amount |
| Marriage Loan | 1% - 5% of loan amount |
| Personal Loan for Self-Employed | 1% - 5% of loan amount |
| Instant Loan for Students | 1% - 5% of loan amount |
| Personal Loan for Government Employees | 1% - 5% of loan amount |
| Personal Loan for Pensioners | 1% - 5% of loan amount |
| Personal Loan for Housewives | 1% - 5% of loan amount |
| Personal Loan for Doctors | 1% - 5% of loan amount |
| Personal Loan for Women | 1% - 5% of loan amount |
| Personal Loan for Salaried Employees | 1% - 5% of loan amount |
| Personal Loan for Chartered Accountants | 1% - 5% of loan amount |
| Personal Loan for Freelancers | 1% - 5% of loan amount |
| Mobile Loan | 1% - 5% of loan amount |
| Long-Term Loan | 1% - 5% of loan amount |
| Short-Term Loan | 1% - 5% of loan amount |
| Secured Loan | 1% - 5% of loan amount |
Know all costs upfront to avoid surprises later. We believe in total transparency about our processing fees for personal loans.
Interest Rate Our interest rates range from 12% to 36% per year based on your credit score and income details.
Processing Fees We charge between 1% to 5% as processing fees which is deducted from your total loan amount.
Prepayment Charges You pay 5% of the remaining amount as a prepayment fee if you close your loan before the first due date.
Late Payment Fees Pay on time to avoid extra charges on delayed payments – which affect your credit score and future borrowing.
The processing fee for personal loan is usually a percentage of your loan amount. Sometimes, at big banks and finance companies, the rates range from 0.5% to 2.5%. Some lenders use a flat fee (for quick loans or instant approvals), others go by percentage. However, you may expect a limit or cap depending on your profile.
Percentage Fee Example
You pay only ₹400 as the fee if your loan is ₹20,000 and your provider charges a 2% loan processing fee. This gets deducted from your total loan before funds reach your account.
Flat Fee Example
Fixed-fee personal loans are rare, but sometimes available. For example, you pay a set ₹199 as a fee, no matter how much you borrow. This is attractive if you need a large amount; though you need to compare the loan processing fee in each offer before finalising.
Here are the aspects influencing the fee-
Every lender should show you the exact fee structure. Always check for GST or other taxes, as these add extra cost to your loan processing fee. Use the best online calculators or talk to your lender for a real estimate.
A personal loan processing fee is a charge you pay to cover loan application costs. At lendingplate, we charge between 1% to 5% of your loan amount as processing fees. This one-time fee gets deducted from your approved loan amount before we send money to your account.
Yes, besides the processing fees, you should know about other charges. These include interest rates between 12% to 36% yearly, foreclosure charges of 5%, and mandate return fees of ₹500. We always show you all these costs clearly before you sign any loan agreement.
You may not get a personal loan without processing fees, but you can reduce the impact by maintaining a good credit score above 650. Comparing different loan offers helps. At lendingplate, we sometimes offer lower processing fees during special promotions. Taking a higher loan amount might get you better fee rates.
Most lenders charge processing fees, though rates differ widely. Some might advertise zero processing fees but add other hidden charges instead. At lendingplate, we maintain transparent fee structures without hidden costs. Always read all terms carefully before picking any loan offer.
No, the processing fees are not refundable if your application gets rejected. This fee covers our costs for verifying your documents and checking your credit history. At lendingplate, we only collect the fee after approval – which means you never pay for rejected applications.
You rarely find loans with no processing fees. Some lenders may offer zero-fee loans during special promotions. At lendingplate, we sometimes run limited-time offers with reduced fees. Remember that loans without fees might have higher interest rates or other charges to balance costs.
Look beyond just processing fees when comparing loans. Check interest rates which affect your total repayment amount most. Notice late payment penalties and foreclosure charges. At lendingplate, we encourage you to calculate the total cost – including all fees, before deciding.
Yes, you can often negotiate the processing fee for personal loan. If you have a strong credit profile, a stable income, or apply during special deals you may get a discounted or zero processing fee personal loan offer. Some lenders waive fees for loyal or pre-approved customers. Always ask directly before finalising your contract.
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
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