Loan
Processing Fees
Also known as: Application Fees, Loan Processing Charges, Administrative Fees
Upfront charges paid to the lender for processing and approving a loan application.
Detailed Explanation
Processing fees are one-time charges levied by lenders to cover the cost of loan processing, documentation, credit evaluation, and approval. Usually 0.5-2% of loan amount with minimum and maximum caps. Some lenders waive processing fees during promotional periods. GST is applicable on processing fees.
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