Providing relief to borrowers, Reserve Bank on Wednesday directed banks not to levy any penalty on individual borrowers for pre-paying floating loans.
"...it is advised that banks will not be permitted to charge foreclosure charges or pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect," RBI said in a notification.
Floating loan products include housing, corporate, vehicle and personal loans.
"...it is advised that banks will not be permitted to charge foreclosure charges or pre-payment penalties on all floating rate term loans sanctioned to individual borrowers, with immediate effect," RBI said in a notification.
Floating loan products include housing, corporate, vehicle and personal loans.
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