This little tip could save you thousands of rupees.
Most banks won’t tell you this because…they want to get the most out of you.
Here’s what you need to know 👇
When you apply for a loan, banks charge:
File Charges
Application Charges
Verification Charges
GST on Processing Fees
Banks and NBFCs levy File Charges and Application Charges even if your loan application is rejected.
This is what happened with Prahlad Singh Bhati as well.
He applied for a home loan with an NBFC and paid ₹5,900 as file charges.
When his application was rejected, he asked for a refund. The NBFC refused.
Prahlad took the matter to consumer court.
The consumer court ordered the NBFC to refund the file charges and also pay a compensation of ₹ 5,000.
In fact, the RBI made it clear long ago that if your loan application is rejected, a bank or NBFC can’t charge you a single rupee.
