Excellent work LC
Your efforts LC Manager on creating awareness about instant loan extortion and malpractices is working
RBI finally says all personal loans will, from Oct 2024, need to carry a Key Financial Statement that has the details of the actual interest rate, including all fees/charges of any loan.
* no more hidden fees (can't charge what isn't mentioned)
* digital loans need a look free prepayment period
* colending details, fees of third parties must be disclosed
* you can even ask for receipts for any legal or other charges at actuals
Super new regulation! Congratulations all circle members more
RBI finally says all personal loans will, from Oct 2024, need to carry a Key Financial Statement that has the details of the actual interest rate, including all fees/charges of any loan.
* no more hidden fees (can't charge what isn't mentioned)
* digital loans need a look free prepayment period
* colending details, fees of third parties must be disclosed
* you can even ask for receipts for any legal or other charges at actuals
Super new regulation! Congratulations all circle members more
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LC is creating awareness and highlighting problems faced by general public. In its course everyone is getting helped i.e problems of general people gets highlighted, Govt. / Authorities begun to know that such problem exhists and ultimately they tend to think and workout some ways to provide some ease or resolve the problem. Great work, Live long LC. more
Apr 17
🚨RBI strikes on Banks again RBI asks to be extremely transparent now during loan disbursement RBI asks banks to disclose everything very transparently in the Key Facts Statement given to customers during loan disbursal Here is what the Key Facts statement will contain 🏦Loan Sanctioned amount 🏦Disbursement Schedule 🏦Tenure of loans 🏦EMI details 🏦Interest rate(with fixed or floating) 🏦Break up of the fees charged(As banks irrationally charged fees) 🏦Details of any penalty charges(if applicable) 🏦Loan Repayment schedule Superb move by the Reserve Bank of India to help the common man understand the terms of the loan! more
Apr 17
