My battery chargers are "current limited" so they cannot try to supply more amps even though the battery could take them.
I forgot about that "loaded voltage" on the charger though. Yes you do see lower voltage on the charger's terminals when the batts are low because the battery voltage is low and they are on the same wire.
No idea how you can tell from putting a voltmeter on the charger terminals what is due to loaded voltage and how much to its "middle" with battery voltage. It will be a bit higher than battery voltage due to voltage drop on that wire.
You can't take the voltage inside the charger. All you can do is set that voltage. You won't see that voltage until the battery is fully charged.