Personal loans with zero processing fees: THESE banks are offering the best deals
Looking to save on your next personal loan? Several banks are now offering zero processing fees, helping you reduce upfront costs significantly—especially on large loan amounts.
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 ₹ 5 lakhs a 2% processing fee amounts to a substantial figure of ₹ 10,000. This is clearly a significant upfront cost.
Bank Processing fee Bank of India Zero fees for select categories; standard fees apply otherwise IndusInd Bank Occasionally offers zero fees for online applications Union Bank of India 0.5% of loan amount, often waived during special offers ICICI Bank Typically 0.99%-2.5%; promotional waivers available online SBI Standard 1%-1.5%, reduced fees during festive campaigns HDFC Bank Charges 1%-2.5%, may offer waivers to select customers Kotak Bank Up to 2.5%, limited-time offers for salaried customers offering zero processing fees Yes Bank Up to 2.5%, with occasional zero processing fee promotions
(Source: Bank websites)
Note: The processing fee waivers and zero-fee offers listed above are indicative only and often tied to online applications, festive seasons, or limited-time promotions. Terms may vary by lender, so always verify eligibility and current offers before applying.
That is why several lenders now use zero processing fees to attract borrowers. Comparing charges, terms and conditions in such cases can save you big, especially on large loans. To make the most of the same, you should always check for hidden costs carefully before going for a particular loan product.
To boost your chances of securing a personal loan with zero processing fees you should: Reach out to the official websites and compare offers from several banks and NBFCs, focus on those with lowest possible or zero processing fee offers.
Do ensure that you meet the lender's basic requirements, eligibility including 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.
Carefully keep an eye on 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.
Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
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