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What does Exit load mean?

Exit Loads are small penalties imposed by the AMCs to discourage premature withdrawals/redemption. 

It varies from fund to fund, i.e all funds need not have exit loads, and they aren’t the same for every fund. You can find the exit load from the AMCs scheme related documents & it is also visible on that particular fund’s page on Coin.

Read this post on TradingQ&A to learn more about exit load.