Reset of Floating Interest Rate on EMI based Personal Loans

RBI, vide Circular dated 18.08.2023, has issued guidelines for “Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans”, which shall be effective from 01.01.2024.

Accordingly, in case of upward revision in applicable interest rate, the Borrower shall have an option to switchover interest rate; as per Bank’s Policy.