Start learning 50% faster. Sign in now
Reserve Bank of India (RBI) would bring in greater transparency in the resetting of the interest rate on equated monthly installments (EMI) for floating-interest loans. A floating interest rate is a rate that varies or changes along with the changing market conditions as opposed to a fixed interest rate which remains the same for the entire tenure of the loan. The new framework will allow borrowers to switch to fixed interest rates from floating interest rates. This would provide relief to borrowers of home, auto, and other loans reeling under the impact of high interest rates.The framework will require Regulated Entities to (i) clearly communicate with borrowers for resetting the tenor and/or EMI; (ii) provide options for switching to fixed-rate loans or foreclosure of loans; (iii) disclose various charges incidental to the exercise of the options; and (iv) ensure proper communication of key information to borrowers. At present, loan seekers can switch from floating and fixed interest rates and vice versa but have to pay a nominal conversion fee. The fee varies between 0.50 percent to 2 percent of the total home loan amount.
The ratio of average depth of water stored in root zone soil depth during irrigation to the water diverted from the reservoir is known as
A set of interrelated units that are engaged in joint problem solving to accomplish a common goal.
Which season in India receives the most important rainfall, contributing 80–95% of the total annual rainfall?
The millenium ecosystem assessment (MEA) was launched in the year
A. 2001 with support from United Nations
B. 2001 with support from Austr...
Calculate cropping intensity of the farm having 10 ha acreage with following details
Crop Cropped ar...
Chhattisgarh Madhuraj 55 is a rice variety having
The light intensity at which photosynthesis and respiration are equal is called:
Current location of IRRI is ____
Based on the host they affect, pests are classified into four kinds. Which of the following is NOT a part of the classification?
Socially acceptable ways of behavior that do involve moral standards