Home Economy Mandatory for banks to offer customers fixed interest rate product: RBI’s FAQs
Economy - January 10, 2025

Mandatory for banks to offer customers fixed interest rate product: RBI’s FAQs

Mandatory for banks to offer customers fixed interest rate product: RBI’s FAQs

The Reserve Bank of India has mandated banks to provide fixed interest rate options for all equated installment based personal loans. Banks must disclose annualized interest rates and communicate changes in EMI or loan tenor during the loan tenure. This move is aimed at preventing negative amortization due to rising interest rates.

Author Of article :

Read full article

Leave a Reply

Your email address will not be published. Required fields are marked *

five × 3 =

Check Also

Choice over tradition: What today’s diamond buyer really wants

Today’s consumers are comfortable embracing technology-driven innovation across sector مصد…