New rules related to penalty on bank loan default come into effect, details here

RBI Guidelines New rules related to penalty on bank loan default come into effect, details here --------------------------------------------------------------- If you pay EMI of any loan then there is good news for you. Actually, the Reserve Bank of India (RBI) has implemented new guidelines related to Penal Charge and Penal Interest on loan accounts. These rules are effective from April 1. These rules prevent banks and finance companies from charging extra from borrowers for defaulting in loan payments or breaking other loan rules. The Reserve Bank of India has stopped banks and finance companies from charging penal interest, which is often charged to customers for delay in payment of equated monthly installments (EMIs).[read more]( [Unsubscribe](