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Personal Loan Fees & Charges

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Personal loans are among the best financial solutions for meeting quick fund requirements. However, securing the most suitable loan depends on several factors such as interest rates, charges, and fees, and more. With Metra Trust FIRSTmoney, you can obtain quick loans anytime FIRSTmoney smart personal loan   comes with unique benefits, giving you flexibility and affordability to meet your fund requirements with ease. With ZERO foreclosure fees, and competitive interest rates, this line of credit helps you meet your dynamic expenses such as urgent medical bills, ravel spendings, home renovation etc. Enjoy quick access to funds with 100% digital  application process and the most affordable charges and fees. 

 

Personal Loan Fees and Charges
 

Here is the list of charges for FIRSTmoney line of credit 

Type of Charges Fees
Credit line processing fee 2% of the total loan amount including GST
Credit line rate of interest ROI Starting from 10.99%
Stamping charges As per State’s Stamp Act
Penalty on overdue EMIs 2% of the unpaid EMI
EMI Bounce Charges ₹500 + taxes per instance
Payment swap charges (Charges for changing the mode of EMI payment) ₹500 + taxes per instance
Foreclosure Charges NIL (Customers will have to provide the sanction letter at the time of foreclosing the loan)
Part Pre-Payment Not allow
EMI Pickup/Collection Charges ₹ 500.00
Duplicate No Objection Certificate Issuance Charges ₹ 500.00
Physical Statement of Account/Repayment Schedule ₹ 500.00
Foreclosure / Prepayment charges NIL
Document retrieval charges (per retrieval) ₹ 500.00
Cooling-Off Period (Borrower can exit the loan within the cooling-off period by paying the principal and the proportionate charges without any penalty. The loan can be cancelled within 3 days in the cooling off period) 3 days


GST, as applicable, will be levied on all service charges.

The above Schedule of Charges is subject to revisions from time-to-time by the Bank, and will be updated here on the official Bank website.

Please refer your loan document for all the schedule of charges applicable to your loan.

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Pre-Approved Loans Schedule of Charges

Pre-Approved Loans Schedule of Charges

For Pre-Approved Loans refer the table below to know applicable Schedule of Charges:

Types of Fees Applicable Charges
Processing fees (excluding GST) Upto 3.49% of the total loan amount
Late payment/Penal charges 2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher
Stamping Charges As per actuals
EMI Bounce charges per presentation 500 Exclusive of GST
Cheque/ Mandate Swap charges (per swap) 500 Exclusive of GST
EMI Pickup/Collection Charges 500 Exclusive of GST
Duplicate No Objection Certificate Issuance Charges 500 Exclusive of GST
Physical Statement of Account 500 Exclusive of GST
Physical Repayment Schedule 500 Exclusive of GST
Document retrieval charges (per retrieval) 500 Exclusive of GST
Foreclosure / Prepayment charges For Pre-approved loans, Allowed after payment of 12 or more EMI’s or 12 months whichever is later. 5% foreclosure charges applicable on principal outstanding

For Pre-Approved FIRSTMoney, Allowed anytime without any charges.
Cancellation/Rebooking charges No charges within 15 days of disbursement or 1st EMI presentation whichever is earlier. Post 15 days or 1st EMI presentation, request for cancellation will be treated as foreclosure
Part-Payment Clause Not Allowed

 

GST, as applicable, will be levied on all service charges.

Benefits of  FIRSTmoney smart personal loan

● Flexibility in Repayment: FIRSTmoney offers the advantage of repaying the borrowed amount at any time without incurring additional costs, providing users with greater control over their financial planning.

● Cost-Effective Borrowing: With ZERO foreclosure charges, FIRSTmoney presents a cost-effective solution for managing finances, allowing borrowers to save on extra fees that are typically associated with loan repayment.

● Unlimited Withdrawals: Once the credit line is set up, users can make multiple withdrawals as needed, which adds a layer of convenience and flexibility not found in traditional personal loans.

● Quick Access to Funds: The streamlined process ensures that funds are disbursed swiftly, often within a few hours, making it an ideal option for urgent financial needs.

● 100% digital application process: The entire borrowing journey with FIRSTmoney is digital, reducing the need for physical documentation and making the process quicker and more user-friendly.

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FREQUENTLY ASKED QUESTIONS

What is a charge on a loan?

A charge on a loan refers to any fee or expense imposed by the bank in addition to the principal and interest payments. These charges can include processing fees, service charges, late payment penalties, and any other costs associated with the loan. They are usually outlined in the loan agreement and can vary depending on the bank and the type of loan.

What are pre-payment/foreclosure charges?

Pre-payment charges are fees imposed when you repay a part of the loan amount before the due date. Foreclosure charges, on the other hand, are levied when you pay off the entire loan amount before the end of the loan tenure. The specific rate or amount of charge can vary among lenders, however, Metra Trust FIRSTmoney does not impose foreclosure charges at all for repaying your loan amount before maturity.

Do banks charge GST on personal loans?

Yes, banks charge Goods and Services Tax (GST) on various fees associated with personal loans. GST is applicable to processing fees, pre-payment charges, foreclosure charges, and other service fees related to the loan. The GST rate is generally 18%, which is added to the specific fees, added to the overall cost of the loan. 

Get FIRSTmoney Smart Personal Loan of Different Amounts

₹4 lakh Personal Loan
₹4 lakh Personal Loan Karma FIRST Programme
₹3 lakh Personal Loan
₹3 lakh Personal Loan
₹2 lakh Personal Loan
₹2 lakh Personal Loan Covid 19 Programme

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