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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.
Ramky Enviro Engineers Ltd. will begin conservancy operations in the Teynampet zone of the Chennai Corporation next week and expand to Kodambakkam and A...
The question below consists of two statements 1 and 2. Decide whether the facts provided in the statements are sufficient to answer the question.
In the developing countries, over the past decade, the rate of enrolment and investment in higher education has grown and the demand side pressures will...
Select the combination of letters that when placed sequentially in the blanks of the given series will complete the series.
S _ _ P E _ _ H _ P E...
Which answer figure will complete the pattern in the question figure?
One of the key arguments in support of damming rivers across geographies has been the idea that useful water will otherwise ‘go waste into the sea...
One of the key arguments in support of damming rivers across geographies has been the idea that useful water will otherwise ‘go waste into the sea...
Silent : Loud :: Dim : ?
Select the option that is related to the fifth term in the same way as the second term is related to the first term and the fourth term is related to th...
Select the set of letters that when sequentially placed in the blanks of the given letter series will complete the series.
_ p m _ o _ m g o p _ _ o _ _ g
