Start learning 50% faster. Sign in now
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.
The average age of A, B and C is 25 years, while the average age of B, A and D is 23 years. If the ratio of the age of C and D is 5:3, respectively, the...
The ratio of present ages of Rohan to his father is 2:7, and the ratio of present ages of Rohan to his mother is 3:10. If Rohan's...
Currently, the average age of individuals 'A' and 'B' is 17 years, with 'A' being 2 years older than 'B'. The age of 'C' is 50% greater than that of 'A'...
Sum of the present ages of A, B, C and D is 54 years. After 4 years ratio of their ages is 5:4:3:2. What is C’s present age?
In a family a couple has a son and a daughter. The age of the father is four times that of his son and age of her daughter is half of her mother. The wi...
Sum of the present ages of A, B, C and D is 60 years. After 6 years ratio of their ages is 6:5:5:4. What is C’s present age?
The ratio of A and B present age is 3:2. The product of their ages is 2400. What will be the ratio of their ages after 5 years?
The ratio of the present ages of P and Q is 6:5 respectively. If the age of P 12 years hence from now will be 125% more than the age of Q 4 years ago fr...
The ratio of the present ages of Ginni and Binni is 8:3 respectively. Ginni is ‘n’ years older than Binni. If after 4 years, the ratio of the ages o...
Five years ago, the ratio of the age of Tarun to that of Ayush was 6 : 11. Umesh is 10 years older than Tarun. Umesh is ten years younger than Ayush. Wh...