21 AUG,2023 | MEDC
Borrowers in India will soon get to choose whether to pay higher equated monthly instalments (EMIs) or repay their loan over a longer period when banks raise interest rates. They can also expect greater transparency from lenders on penalties, in the event they miss out on repayments. These guidelines have come in the wake of rising consumer grievances related to the lengthening of loan tenures and the increase in EMI on floating-rate personal loans amid rising interest rates. The RBI Governor said that to avoid unduly long elongation, which could sometimes camouflage underlying stress in a loan, extension of tenor should be for a reasonable period. This period would not be officially defined, but rather, it would be a commercial decision of the bank.
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