News Business
Includes all personal loans irrespective of external or an internal benchmark
Array
(
[galleryId] => 85391b76629d2b7ac038f7d60d22bc726abda4b464fdf3e0
[thumbImage] => https://media.ahmedabadmirror.com/am/uploads/mediaGallery/image/1730832972826.jpg-thmb
[largeImage] => https://media.ahmedabadmirror.com/am/uploads/mediaGallery/image/1730832972826.jpg-sldr
[fullImage] => https://bnsglobalnews.com/wp-content/uploads/2025/01/1730832972826.jpg-org
[videoObj] =>
=> RBI
[altText] => RBI
[description] => RBI
[title] =>
)
RBI
#Mumbai
The RBI on Friday said it is mandatory for banks to offer fixed interest rate product in all equated installment based personal loan categories.
The FAQs on ‘Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans’ (August 2023) also said the circular covers all equated installment based personal loans, irrespective of whether the interest rate is linked to an external benchmark or an internal benchmark. Regulated entities (REs), the FAQs said have to mandatorily offer fixed interest rate product in all equated installment based personal loan categories.
REs have to provide the option to the borrowers to switch over to a fixed rate as per their board approved policy at the time of reset of interest rates.PTI
This post was originally published on here
