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:
    July 29, 2014 at 3:00 pm

    Thanks Credexpert….

    Reply
  2. Credexpert says:
    July 13, 2014 at 7:12 pm

    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

    Reply

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Your email address will not be published.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.