Reserve Bank of India: Recently, a new rule has been made by RBI for the borrowers, so people will get many benefits from us, so know the detail of this news.
New Delhi: If you have also taken home loan or any other type of loan, then this news will make you happy. Yes, a new rule has been made by the Reserve Bank for banks and NBFCs.
RBI has also issued a notification in this regard. The Reserve Bank of India (RBI) has asked banks and other financial institutions (NBFCs) to provide the option of choosing a fixed rate of interest to customers taking loans while resetting interest rates.
Immediate information should be given on extension of tenure:
In the notification issued by the central bank, it was said that it has been seen that the loan tenure or EMI is increased when the interest rate increases. Not only this, the customers are not even informed about this, nor is their consent taken. To overcome this concern of the customers, Reserve Bank of India has asked to create a policy framework.
Reserve Bank of India said, ‘At the time of loan approval, banks should clearly tell their customers that in case of change in the standard interest rate, what could be the effect on EMI or loan tenure. Any increase in EMI or loan tenure should be informed to the customer immediately.
Give the option to choose a fixed interest rate:
The central bank said that while fixing the interest rates afresh, banks should give an option to the customers to choose a fixed interest rate. Apart from this, customers should also be told that how many times they will get a chance to choose this option during the tenure of the loan. Along with this, the loan borrowers should be given the option of increasing the EMI or loan tenure or both.
It was said in the notification that the customers should be allowed to pay the loan in full or in part before the time. This facility should be available to them at any time during the tenure of the loan.
It is worth noting that in the Monetary Policy Review (MPC) presented last week, the RBI had talked about allowing the borrowers to opt for a fixed interest rate from the floating interest rate.
Reserve Bank of India (RBI) Governor Shaktikanta Das said that a new structure is being prepared for this. Under this, banks will have to give clear information about the loan period and monthly installment (EMI) to the customers taking the loan.
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