Could you share what interest rate and processing fee I should expect on a personal loan from Uttarbanga Kshetriya Gramin Bank?
Uttarbanga Kshetriya Gramin Bank Personal Loan - Interest Rate & Processing Fee
Looking into a personal loan from Uttarbanga Kshetriya Gramin Bank? Since they’re now merged with West Bengal Gramin Bank, here’s what you can expect when it comes to rates and fees.
Interest Rate
- The bank charges MCLR + 4.80% per year on personal loans
- Since it’s tied to their Marginal Cost of Funds based Lending Rate, your rate can go up or down when they change their benchmark
- This means your EMI could change over time, so you can’t lock in a fixed rate
Loan Amount & Tenure
- Maximum you can borrow: Up to ₹10 lakh
- How long to pay it back: Up to 84 months (that’s 7 years)
- This gives you some breathing room to pick monthly payments that won’t completely wreck your budget
Processing Fee
- Their website doesn’t spell out the exact processing fee, which is annoying
- Most rural banks like this charge around 1% to 2% of whatever you’re borrowing
- They usually take this fee out of your loan before giving you the rest of the money
Summary
- DetailsWhat You GetInterest RateMCLR + 4.80% per year (goes up and down)Maximum Loan₹10 lakhRepayment TimeUp to 84 monthsProcessing FeeProbably 1%–2% of loan amount
Key Tip
- Since your interest rate depends on their MCLR, check what that rate is before you apply. Also, make them tell you exactly what the processing fee is when you go to the branch don’t let them surprise you with charges when you’re about to get the money.