Fees and charges to compare apart from personal loan interest rates

Personal loan is undoubtedly the most essential tool to keep a better financial management balance. It ensures to meet the financial emergencies without shelling out the savings, or even in case you don’t have enough savings, you don’t have to worry about the finances. However, while planning to apply for Canara bank personal loan, it is essential to calculate the fees and charges that will add up to the total repayment cost. Notably, people only consider the interest rates and put the other fees and charges to the rack. But, it is significant to discuss the entire numbers and not just the rate of interest. There are other figures, too, a borrower should consider while comparing the best personal loan deals. 

• Loan quantum – While putting first things first, it is essential to compare the loan quantum offered by different banks. This is because the rest of the charges primarily depend on the loan quantum. Also, some banks claim to offer lower interest rates and lower fees and charges, but if we look closer, the loan quantum, too, is lower, ultimately ending into a costly deal. Thankfully, Canara bank personal loan offers higher loan quantum at competitive rate of interest, processing fees, and other charges. 
• Tenure – Tenure is a period within which the loan needs to be repaid to the lender. Thus, while planning to apply for Canara bank personal loan, it is equally important to consider the tenure as considering other factors.
• Processing fees – The cost of processing the application, usually 1-2% of the loan amount you have applied for, is considered by the lenders to cover the cost of evaluating creditworthiness of your application. The processing fees is non-refundable even if the application is rejected.
• Penalty charges – Every lender has penalty charges in case the borrower defaults the loan repayment. The penalty charges include late payment charges, cheque bounce charges, loan settlement charges, etc.
• Prepayment charges – In case you wish to prepay the loan, the lender levies a certain fees called as prepayment charges. The prepayment charges are usually up to 2% of the outstanding loan amount. thus, this makes another essential factor to count for while applying for a personal loan online.
• Quotations are helpful – Lastly, once you are aware of the applicable fees and charges and confused to crack the finest deal, it’s best to get quotations from different lenders and compare the fees and charges. Possibly, you may find Canara bank personal loan as the best loan deal with lower interest rates and flexible terms. 

For online apply, visit https://www.applykaroo.com/loans/canara-bank-personal-loan.