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What is Exit Load on Mutual Funds?

Exit load is the load (amount) charged at the time of early redemption of a mutual fund scheme. The amount of exit load is reduced from the amount payable at the time of redempton based on NAV. For  e.g. if NAV of a mutual fund scheme at the time of redemption is Rs. 100 and exit load is chargeable @ 1%, net amount payable will be Rs. 99 per unit ( 100 - 1% of 100).

Normally, mutual fund schemes charge exit load only if mutual fund units are redeemed within a defined period. Exit load is applied by defining a slab structure for exit within a period from purchase, for e.g. 2% in case of exit between 0-6 months, 1% for exit between 6-12 months or 0.5% for exit between 3-6 months. Generally no exit load is charged if mutual fund units are redeemed after one year from purchase.

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