FAQs on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans
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On August 18, 2023, the RBI came up with a circular on Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans (‘Circular) casting certain obligations and disclosure requirements on Regulated Entities (REs) at the time of reset of floating interest rate on EMI based Personal loans. Accordingly, this Circular shall be adhered to by all applicable entities at the time of reset of floating interest rate on such loans.
We have developed a set of FAQs on the Circular, where we intend to answer some of the critical questions relating to the actionables by the REs at the time of reset of floating rate.
Further, our detailed article on this topic can be read here – RBI streamlines floating rate reset for EMI-based personal loans
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