Personal Loan Processing Fee – Know More in Detail
A Personal Loan can help you cater to and support several goals in your life. You may apply for a Personal Loan for innumerable reasons, whether to fund the wedding of your dreams, international vacation, foreign education, debt consolidation, medical emergency, or home renovation. There are no restrictions on how you can use your approved Personal Loan amount. Since these are unsecured loans, you can avail them without any collateral, security, or guarantor.
We Have a Bevy of Personal Loan Offerings!
Travel Loan
If you wish to make your vacation one to remember, then our personal loans for travel are perfect for you!
Education Loan
Attaining the best education is possible with Clix Capital’s personal loans for education!
Wedding Loan
Make your special day all the more memorable with Clix Capital’s personal loan for wedding!
Medical Emergency Loan
Never fret in case of a medical emergency – our personal loans for medical treatment will quell all your worries!
Home Renovation/Expansion Loan
Clix Capital will provide you with the means to turn your house into a dream home!
Our Personal Loans come at competitive interest rates, which means you can avail them at a much more affordable cost with lower interest outgo. Once you avail your Personal Loan, you get a flexible repayment tenure to repay it according to your repayment capacity. However, the borrowed amount and the interest outgo are not the only costs you have to pay. You need to pay the Personal Loan processing fee as well from your pocket. Find out more about this fee.
Personal Loan Details
| Loan Amount | Up to ₹ 10 lakhs |
| Loan Tenure | 12 to 48 months |
| Interest Rate | Variable |
| Processing Fee | Based on the loan amount |
What is Personal Loan Processing Fee?
The lenders have to bear certain administrative costs to process and sanction your loan. Personal Loan processing fee is a one-time fee you have to pay to the lender when you apply for a Personal Loan. You have to pay the processing fee to cover the costs incurred by the lender during the loan process. This fee is non-refundable, this is usually deducted from your loan amount before it is disbursed.. The processing fee is a small percentage of your loan amount, which may differ from one lender to the other.
How is Personal Loan Processing Fee Calculated?
The Personal Loan processing fee is calculated based on your loan amount. It is a small percentage of your loan amount that may vary depending on your requirements. Thanks to the automated processing served by our online loan application procedure, we require a nominal processing fee to process your loan application. You also get the lowest processing fee with our Personal Loan due to the non-involvement of any broker or agent. We calculate your loan processing fee based only on documentation, verification, and credit appraisal costs.
Processing Fees and Other Charges
Other than the Personal Loan processing fee, your total loan cost also includes several other charges. These include:
Verification Charges: We need to verify your address, income, and identity before disbursing your loan. We check your credit score and repayment patterns to determine your repayment capacity. These are extra costs that we incur for your verification purpose and you have to pay its cost while applying for a loan.
Goods and Services Tax (GST): During the application and loan sanction process, you have to bear a small fee in the form of Goods and Services Tax or GST.
Late Payment Penalties: When you take a Personal Loan, you have to repay the borrowed amount spread across easy EMIs. You are responsible to ensure that you pay the EMIs on time. Defaulting on these payments can attract late-payment penalties, which you have to pay from your pocket. Therefore, it is always crucial to calculate your EMI amount before accepting the loan offer and make a repayment plan to avoid these charges.
Pre-payment or Foreclosure Charges: Pre-payment or foreclosure of a loan means you repay the borrowed amount before the end of your loan tenure. This causes a loss to the lender, for which you have to pay the foreclosure charges.
Duplicate Statement Fee: We charge this fee to generate duplicate statements of your payment schedule and outstanding loan balance.
Eligibility Criteria
Got sufficient information about Personal Loan processing fee? It’s time to apply for a loan. However, you can do that only if you fulfil these eligibility conditions:
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- You should be 21 to 58 years of age
- You must be a citizen of India
- You should be a salaried individual drawing a salary of at least ₹ 20,000 every month
- You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months
Documents Required
If you are eligible, you need to provide these documents to apply for our Personal Loan:
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- Duly filled online application form
- Recent passport size photograph
- Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
- Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
- Income proof, including your last month’s payslip or current year’s Form 16
If your KYC is updated with Aadhaar and PAN, you don’t need to upload or submit these documents anywhere. You can get them verified online within minutes to get your loan approval.
Steps to Apply for a Personal Loan
At Clix Capital, you need to follow these steps to apply for a Personal Loan:
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- Check your credit scoreand ensure that it is more than 630 as per Experian
- Fill up the online loan application form
- Get your loan documents verified online
- Once you receive your loan approval, accept the loan offer
- Activate the e-mandate for regular EMI payments on time
FAQs
Why do lenders charge processing fees?
When you apply for a loan, the lenders have to cover several costs to scan your application. They charge these costs on you to process your loan.
Is the Personal Loan processing fee refundable?
The processing fee covers the cost incurred by the lender for processing your loan application. Whether your loan is approved or rejected, the processing fee remains non-refundable.
What are the other charges I have to pay for processing my loan?
You have to pay the processing fee and other charges to get your loan approved. These include legal and technical charges, documentation charges, verification charges, GST, and others. However, these charges may vary from lender to lender, and they are specifically lower with online lenders.
How can I find the lowest processing fees?
To get the lowest Personal Loan processing fee, the best trick is to compare lenders and find the one with the best rates. Besides this, try to apply for the minimum loan amount required and maintain a high credit score to attract lenders. Some lenders may agree to negotiate or even waive your processing fees and other charges if you have a decent high score and a high repayment capacity.
When do I need to pay the processing fees?
Typically, you need to pay the processing fee at the time of the loan application.
For any queries, you may find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp. You can also reach out to us at hello@clix.capital or call us at +91-120-6465400.
* T&C Apply
What Documents Do I Need to Provide?
Completed Application Form
- We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your personal loan request.
Passport-Size Photograph
- This photograph should be fairly recent and indicative of your current physical appearance.
Identity (ID) Proof
- This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).
Address Proof
- Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License.
Income Proof
- This comes in the form of your latest one-month pay slip or Form 16 for the current year.
How Do I Apply For Personal Loan online from Clix Capital?
FAQs
How do I avail a personal loan from Clix?
There’s a space at the top and bottom of this page to put in your phone number. Just provide the same and our customer representative will speak with you shortly to get a personal loan online!
What will be the tenure, down payment, EMI, and interest rate for my personal loan?
At Clix Capital, you can choose from customised repayment (EMI) and down payment options. However, the interest rate of your personal loan depends on various factors, such as the specifics of your application (including metrics like date and income). We’ll tell you the final applicable interest rate once we go through your application form and all supporting documents.
Do I need any collateral to avail a personal loan?
Not at all! There is no additional collateral or guarantors required to have your personal loan application approved.
How can I reach out to Clix for any other information on my loan?
Just call us on 0124-4545965 or 0124-3817400 between 9:30am-6:30pm from Monday to Saturday (except public holidays). Alternatively, you can also write to us at hello@clix.capital to resolve your queries around personal loan.
Sounds too good to be true?
Get in touch now and we’ll show you that simple, fast, and accessible personal loans are really possible!