A big update is coming regarding the personal loan rules. Let us tell you that for financial solutions and to avoid fraud, apart from this, to provide the best facilities to the customers, many types of rules have been made by the Reserve Bank of India i.e. RBI, efforts have been made to protect the consumers and provide them the best facilities. In 2013, new information has come out for the persons who have the potential need of taking a personal loan because a big change has been made in the personal loan rules.
RBI’s decision regarding personal loan
Many times most of the people and Indian citizens consider personal loan as the best option to meet emergency needs because whether it is a medical emergency, buying a new house, education or buying a car, in such a situation, by taking a personal loan through the bank, they can fulfill their need for finance but there are some banks which charge higher interest, apart from this there are such finance companies which charge higher interest but earlier RBI had cut the repo rate of personal loan due to which home loan has become very cheap, such information has come to the fore, now many kinds of changes have been made in personal loan as well.
New rules for credit score update
It is very important for all loan takers to pay attention to KYC but the update regarding credit score which has come out through sources and small media states that earlier the credit score used to get updated late but now it will get updated in 15 days, such information is coming out. Apart from this, it is also very important to be careful during the KYC process while taking a loan, that is, check the date of payment of bank accounts and employment carefully and on the basis of credit score, you can take loan as per your need.
Home loans became cheaper
Let us tell you that earlier RBI had cut the repo rate due to which home loans had become very cheap. In today’s time, if we talk about home loans, then a reduction in interest rates has also been seen. Due to the reduction in repo rate, the interest rate of home loans also came down, which is a very good thing for the citizens taking home loans. RBI had cut the repo rate thrice, now the customers taking home loans will get the benefit of this. It can take an even bigger decision in the coming time.