Looking To Avail Personal Loans With Zero Processing Fees? Check Out These Banks

Looking to save yourself from processing fee while applying for personal loans, several banks are offering nil processing fees, which significantly reduces the burden on large loan sums. 

It is crucial to keep in mind that processing fees can add a substantial amount to the overall cost of a particular personal loan. For example, on a loan of Rs 5 lakhs a 2 per cent processing fee amounts to a substantial figure of ₹10,000. This is clearly a significant upfront cost.

Bank Processing fee

The processing fee applicable while availing a loan under select categories from Bank of India for zero, except standard fee. IndusInd Bank occasionally offers zero fees for online applications, meanwhile, Union Bank of India charges 0.5 per cent of loan amount for online applications and has often waived it off due to special offers. On the other hand, ICICI Bank implements 0.99 per cent - 2.5 per cent alongside promotional waivers available online, and Kotak Bank offers upto 2.5 per cent charge on personal loan, however, it does offer occasional processing fee promotions

Also Read: HDB Financial Services IPO GMP Today: All You Need to Know

How to avail zero processing fee personal loans?

To bolster your chances of securing a personal loan with zero processing fees you should:

Reach out to official websites and compare offers from various NBFCs and banks, eyeing for lowest possible or zero processing fees.

Make sure you meet the lender's base requisites, eligibility metrics like credit score, minimum income needs along with employment status.

Most zero-processing fee offers are exclusive to online applications that is why applying through the lender's official website or application can unlock better loan deals and facilitate faster processing.

Look out for festive seasons such as Holi, Diwali, Eid along with other special events as lenders often launch limited time offers for borrowers during these periods.

By staying informed and comparing offers provided by different banks carefully, borrowers can secure cost efficient personal loans designed according to their needs and aspirations.