To ensure fair lending, the Reserve Bank of India (RBI) has prohibited lenders from compounding penal interest arising from loan defaults with future repayments.The instructions issued by RBI in this regard will come into force from _______.
To ensure fair lending, the Reserve Bank of India (RBI) has prohibited lenders from compounding penal interest arising from loan defaults with future repayments.Also, the penalty imposed by regulated entities (REs) on customers for default and breaching loan conditions are to be treated as penal charges are debarred from imposing such charges as penal interest, which is added to the rate of interest. These instructions will come into effect from January 1, 2024.These instructions will, however, not apply to credit cards, external commercial borrowing, trade credits and structured obligations covered under product-specific directions.The penal charges for loans sanctioned to individual borrowers, for purposes other than business will not be higher than the penal charges applicable to non-individual borrowers for similar non-compliance with material terms and conditions.
Aman lends 50% of his sum of money at 17% per annum, 40% of rest at 12% per annum and the rest at 15% per annum rate of interest. What would be the annu...
If the difference between C.I. and S.I. is Rs. 512 at 20% rate of interest in 3 years, then find the principal on C.I.?
Suman paid ₹9,600 in interest on a loan she obtained 5 years ago with a simple interest rate of 16%. What was the amount of the loan she had taken?
A man deposited Rs. 20000 at 10% compound interest, compounded annually while Rs. 19000 at 12% simple interest per annum. What will be the difference be...
Rs. 9,000 is invested in scheme ‘A’ offering simple interest of 20% p.a. and Rs. 6,500 in scheme ‘B’ offering simple interest of 8% p.a. What is...
Anjali invested Rs.6000 in a scheme offering compound interest of x% p.a. compounded annually. If at the end of 2 years, interest received by her from t...
Sunil invested Rs. ‘4x’ in scheme ‘A’ offering simple interest of 25% p.a. and reinvested the interest earned from scheme ‘A’ at the end of ...
A man deposited Rs. ‘x + 1400’ at 12% per annum simple interest and earned Rs. 828 as interest after 2 years. Find the interest earned by him if he ...
The ratio between the interest obtained from scheme L and M in 6 and 4 years is 4:3 respectively. In scheme L, Rs. 6000 was deposited on simple interest...
The interest earned when a sum is invested at simple interest of 16% p.a., for 3 years, is Rs. 2400. What will be the total amount received after 2 year...
