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Reserve Bank of India (RBI) would bring in greater transparency in the resetting of the interest rate on equated monthly installments (EMI) for floating-interest loans. A floating interest rate is a rate that varies or changes along with the changing market conditions as opposed to a fixed interest rate which remains the same for the entire tenure of the loan. The new framework will allow borrowers to switch to fixed interest rates from floating interest rates. This would provide relief to borrowers of home, auto, and other loans reeling under the impact of high interest rates.The framework will require Regulated Entities to (i) clearly communicate with borrowers for resetting the tenor and/or EMI; (ii) provide options for switching to fixed-rate loans or foreclosure of loans; (iii) disclose various charges incidental to the exercise of the options; and (iv) ensure proper communication of key information to borrowers. At present, loan seekers can switch from floating and fixed interest rates and vice versa but have to pay a nominal conversion fee. The fee varies between 0.50 percent to 2 percent of the total home loan amount.
A man buys 15 identical articles for a total of ₹15. If he sells each of them for ₹1.23, then his profit percentage is:
The average cost price of two items is Rs. 750. The first item is sold at a 15% profit, and the second item is sold at a 20% loss. Given that the combin...
Article ‘P’, if sold at a profit of 18% earns a profit of Rs. 360. If article ‘P’ is marked 30% above its cost price and then sold after offerin...
An article is sold at 15 (1/2) % profit. If its C.P. is increased by Rs. 40 and at the same time if its SP is also increased by Rs. 30, then % of profit...
A seller purchased 18 mangoes at Rs. 180 per dozen. He sold half of them at Rs. 240 per dozen, and 6 more mangoes at Rs. 18 each. At what price should ...
A Man sold 2 articles for ₹4,000 each, gained 10% on one and lost 20% on the other. What is the total gain or loss rounded to the nearest integer?
A person bought an article and sold it at a loss of 25%. If he had bought it at 20% less and sold it for 63 more, he would have gained 20%. Find the pro...
A shopkeeper purchased 70 kg of radish for Rs. 560 and sold the whole lot at the rate of Rs. 14 per kg. What will be his gain percent?
