It is usually a percentage of the loan, from 0.5% to 3%, sometimes with a minimum and maximum, plus 18% GST. It is often deducted from the amount paid out.
It counts in the APR, so a loan with a slightly higher rate and no fee can be cheaper.
What Is Processing Fee?
A one-time charge a lender takes for handling your loan application.
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Personal LoansPersonal Loan True Cost: Flat vs Reducing Rate, Fees and APRTwo personal loans can quote rates that look close and cost very different amounts. Here is how flat and reducing rates differ, what the processing fee adds, and how to read the APR on the Key Fact Statement.Read the guide →
LoansWhat Is a Good CIBIL Score, and How to Raise ItYour CIBIL score runs from 300 to 900, and 750 or more opens most doors. Here is what moves it, what does not, and how to raise it step by step.Read the guide →
