BUSINESS

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BUSINESS

RBI to simplify resetting floating loan

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New floating-rate framework

The RBI plans to introduce a simpler, transparent framework for borrowers to switch from floating to fixed interest rates.

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Clear communication mandate

The comprehensive framework will mandate clear communication from lenders about resetting loan tenors and equated monthly installments.

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Conversion fee challenge

Borrowers can currently switch between rates but may face a conversion fee of 0.5% to 2% of the loan amount.

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Easier switching options

The new framework aims to make switching easier, offering options for fixed-rate loans or premature closures.

5

Disclosing associated charges

Lenders must disclose associated charges and effectively communicate crucial information about floating-rate loans.