Is RBI notice about pre-payment applicable to all type of loans ?

POSTED BY Amol Navale ON July 12, 2014 8:31 am COMMENTS (2)

Hi,

As per RBI’s notice in this year, bank should not apply penalty for pre-closure or prepayment of all types of loan. (including personal loan) .Is it just suggestion from RBI to bank or rule which bank should follow?

Thanks in advance.

Amol

2 replies on this article “Is RBI notice about pre-payment applicable to all type of loans ?”

  1. Amol Navale says:

    Thanks Credexpert….

  2. Credexpert says:

    Dear Amol,

    As per RBI directives, banks cannot charge a pre-payment penalty on all floating rate loans and this is to be followed by all banks.

    Regards,
    Credexpert
    http://www.credexpert.in

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today