Floating Interest Rate
On 18th August, 2023, the Reserve Bank of India (RBI) asked all regulated entities (REs) to give personal loan borrowers an option to switch over from a floating rate to a fixed rate regime at the time of resetting interest rates.
RBI said that the borrowers will also be given the choice to opt for enhancement in EMI or elongation of the tenor.
- A floating interest rate is an interest rate that changes periodically.
- The rate of interest moves up and down, or "floats," reflecting economic or financial market conditions.
- The change in interest rate with a floating rate loan ....
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