Notification on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans (dated 18/08/2023) – RBI
View Pdf– Notification on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans (dated 18/08/2023) – RBI.
- The Regulated Entities are advised to communicate to the borrowers about the possible impact of change in benchmark interest rate on the loan leading to changes in EMI and/or tenor or both at the time of sanction, shall 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 etc. Please refer notification for more details.
