Bank of Baroda (BOB) allows borrowers to pre-close their personal loans, but applicable charges depend on the loan type and interest rate structure. For personal loans with a fixed interest rate, the Bank of Baroda personal loan foreclosure charges range from 2% to 4% of the outstanding principal amount. This charge compensates the bank for the interest income lost due to early repayment.
The exact percentage of BOB personal loan pre closure charges should be specified in the loan agreement and may vary based on the loan's tenure and the amount prepaid. I hope this helps!
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I have taken a personal loan from Bank of Baroda (BOB) so I can give you detailed information related to
BOB personal loan pre closure charges.
So, in case of prepayment before the tenure, the bank usually charges a penalty at the rate of 2% to 4% on the borrower. You should also know the other fees and charges related to the personal loan from Bank of Baroda, which I have shared below.
What are Bank of Baroda Personal Loan Pre Closure Charges?
A personal loan is an unsecured loan because it does not require any asset or collateral. There are different fees and charges associated with personal loans, which I have mentioned below.
Processing Fees: It is a maintenance fee that’s charged by the banks, ranging from 0.5% to 2.50%.
Verification Charges: The bank usually hires an agent to verify the credentials of the applicant. This helps them to check the loan repayment capacity of the applicant and so the charges are to be paid by them.
Penalty on Late EMI: If the borrower failed repayment within the stipulated time, a penalty fee is charged.
Fees for Duplicate Statement: A bank might charge for generating a duplicate copy of the statement of the payment schedule and outstanding amount. This usually ranges between Rs 200 - Rs. 500.
Penalty on Foreclosure of Loan: If you are prepaying the loan before the designated tenure, you will be charged a penalty of 2% to 4%.
I hope this will help you give you some insights on the Bank of Baroda personal loan pre-closure charges.
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What is BOB Personal Loan Pre Closure Charges?
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2024-11-06T17:21:58+00:00 2024-11-07T17:15:35+00:00Comment
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