Common EV Loan Fees
Apart from the interest rate, many other charges may impact your effective cost of borrowing. Knowing such charges is important to take appropriate decisions pertaining to your finance.
Processing Fee: This is the one-time fee charged by the lender, say EV finance companies, while processing your loan application. It covers administrative costs and paperwork.
Documentation Charges: It involves charges for verification of a person's identity and proof of income through documents.
Prepayment Penalty: When some lenders charge you for paying off your loan before the stipulated tenure.
Late Payment Fees: A penalty levied on you for not repaying the loan on time
Bounce Charges: A fee may be charged against your cheque for a loan installment bounce.
Foreclosure Charges: These are the charges applicable if you are unable to pay or default on your loans.
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