prepayment fee
The RBI may issue orders to scrap penalty on pre-payment of all retail and small corporate loans. The central bank disputes the practice of charging pre-payment penalty on any loan since the entire system has moved to floating rates — be it deposits or loans — where rates are charged based on the prevailing markets, [...] Continue Reading »
The Reserve Bank of India barred banks from charging any fee from a customer who wants to repay an outstanding loan and close the account. This will give the home loan customers a greater flexibility to opt for other banks for better interest rates. Housing finance regulator National Housing Bank (NHB) has already barred home [...] Continue Reading »
