Loan Rules 2024 :RBI’s order, very good news for loan takers! Rules applicable from this date
RBI decree Loan Rules
New guidelines have been issued by RBI to the bank or finance company in which new loan rules have been issued for taking loan. New guidelines have been issued. The Reserve Bank has said in its order that financial institutions should implement all these guidelines as soon as possible. This means that the loan giving bank or any finance company will have to follow all these guidelines.
New loan rules come into effect from this date
RBI has asked all banks and NBFCs i.e. finance companies to provide all types of information to borrowers for taking retail and MSME term loans from October 1. In this, information about all the documents including loan interest rate and all other conditions will have to be given to the customer.
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Loan rules should be made in simple language
While issuing the guidelines, RBI said that the guidelines on KFS for taking loans should be rationalized. So that the loan taker can understand in easy language. It should be made in this manner and a standard format should be given to the loan takers. At present, these rules have been issued especially regarding personal loans given by commercial banks, digital loans of units coming under the purview of RBI and small amount loans.
Transparency should be increased
RBI further said that all information regarding the agreement should be given to the customer. RBI said that transparency should be increased regarding all financial resources and products coming under the purview of RBI. It was also asked to remove the lack of information. With this, loan takers will be able to take informed decisions. Will be able to decide whether he wants to take a loan or not!These new guidelines have been issued by RBI which will come into effect from October 1. Clear guidelines have been issued to all financial institutions like banks and finance companies.
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