Home, Car Loan RBI new guidelines: Latest RBI rules for EMIs, loan switch, penalty explained | Business

New RBI guidelines for home loans, car loans, personal loans: The Reserve Bank of India (RBI) has recently come out with a new set of guidelines for banks and NBFCs to follow with regards to monthly EMIs, negative amortization, switching of loans from floating interest to fixed interest loans, and penalty charges for non payment. In this week’s episode of TOI Wallet Talks, Adhil Shetty, CEO of Bankbazaar.com breaks it down for new and old loan borrowers so that they can make an informed decision on switching loans, raising loan tenure, increasing EMIs or even prepayment. Also, Adhil Shetty explains in detail the new RBI rules on penalty for non payment which do not allow banks to levy a penal interest.