RBI asks lenders to incorporate loan processing charges, documentation fees into effective interest rate

The Reserve Bank of India (RBI) on Thursday said that to improve transparency of borrower loan information in the Key Fact Statement (KFS), loan processing charges, documentation fees and other charges need to be factored into the effective interest rate. Reserve Bank of India Governor Shaktikanta Das said this will give customers a clear idea of ​​the actual annualized interest rate they are paying on their loans.

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Justin, a prolific blog writer and tech aficionado, holds a Bachelor's degree in Computer Science. Armed with a deep understanding of the digital realm, Justin's journey unfolds through the lens of technology and creative expression.With a B.Tech in Computer Science, Justin navigates the ever-evolving landscape of coding languages and emerging technologies. His blogs seamlessly blend the technical intricacies of the digital world with a touch of creativity, offering readers a unique and insightful perspective.

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