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3 Good News; RBI abolish prepayment penalty, minimum balance charges

Friday, 16 May 2014

Reserve Bank of India (RBI) has given good news to end customer. Keeping consumer protection in mind RBI release 3 major mandates to Banks.

1. NO Prepayment penalty charges for floating rate term LoanProviding major relief to borrowers RBI directed banks not to Levy of foreclosure charges/pre-payment penalty on Floating Rate Term Loans.

RBI notification  released today clearly says that

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