Hidden Charges in Personal Loan Agreements_ A Guide by Bravima Solutions

1. Hidden Charges in Personal Loan Agreements When applying for a personal loan, the focus often revolves around interest rates, loan amounts, and tenure. However, hidden charges embedded in the loan agreement can significantly impact the overall cost of your loan. At Bravima Solutions, we aim to simplify the borrowing process by ensuring transparency and helping you understand all aspects of personal loans, including potential hidden fees. Here’s a breakdown of the most common hidden charges in personal loan agreements and how you can avoid unpleasant surprises. 1. Processing Fees Processing fees are a one-time charge imposed by lenders to process your loan application. Typically ranging between 1% to 3% of the loan amount, this fee is often non-refundable, even if your loan application is rejected. What you should know: ● Check the exact percentage or flat amount charged by the lender. ● Negotiate for lower processing fees, especially for high-value loans. At Bravima Solutions, we work with trusted NBFCs and banks to offer you loans with competitive or waived processing fees. 2. Prepayment and Foreclosure Charges If you wish to repay your loan before the end of the tenure, lenders may impose prepayment or foreclosure charges. These fees are usually a percentage of the outstanding loan amount and can vary across lenders. How to avoid high charges:

2. ● Confirm the prepayment terms before signing the agreement. ● Opt for lenders that offer zero or minimal foreclosure charges. With Bravima Solutions, we guide you toward lenders with borrower-friendly policies to help you save on unnecessary costs. 3. Late Payment Penalties Missing an EMI can attract steep late payment penalties, which can also negatively impact your credit score. These penalties are typically calculated as a percentage of the overdue EMI amount. Stay ahead by: ● Setting up auto-debit instructions to ensure timely payments. ● Maintaining a buffer in your account to avoid insufficient funds. Bravima Solutions helps you choose lenders with flexible payment terms and minimal penalties, ensuring peace of mind throughout your loan tenure. 4. GST and Other Taxes Processing fees, foreclosure charges, and other costs often attract Goods and Services Tax (GST) at 18%, which increases the overall cost of your loan. What to do: ● Ask for a detailed cost breakup, including applicable taxes. ● Factor GST into your total loan expenses before finalizing. Our experts at Bravima Solutions ensure complete transparency, so you know the full cost of your loan upfront. 5. Verification and Legal Charges Lenders may levy additional charges for document verification or legal formalities. These costs are usually non-refundable and might not be explicitly mentioned during initial discussions.

3. How to prepare: ● Request a comprehensive list of fees during the application process. ● Work with lenders who provide clear and transparent documentation. At Bravima Solutions, we prioritize transparency by partnering with reputable NBFCs and banks that disclose all charges upfront. 6. Duplicate Statement and Document Charges Need a duplicate loan statement or additional copies of your agreement? Some lenders charge for these services, and while the amounts may seem small, they can add up over time. Pro Tip: ● Keep all your loan-related documents safely stored to avoid the need for duplicates. We help you stay organized and informed, ensuring smooth loan management without hidden hassles. Partner with Bravima Solutions for Transparent Loan Solutions Hidden charges can turn an affordable loan into a financial burden if you’re not careful. At Bravima Solutions, we bridge the gap between borrowers and lenders, ensuring you receive complete transparency and access to the most borrower-friendly loan terms. Our team collaborates with leading NBFCs and banks to offer you loans with minimal hidden charges and tailored terms. Whether you’re looking for a personal loan or seeking guidance on existing loan agreements, we’re here to help you every step of the way. Contact Bravima Solutions today to simplify your loan journey and secure financial solutions with confidence!