Borrowers to know actual annualised interest rate on loans as RBI revises Key Fact Statement format
Actual interest rate on loans in Key Fact Statement: When a borrower takes a loan from a bank or NBFC, apart from interest rate, the lender levies other charges as well such as documentation charges, processing fees etc. Now the lender is required to inform all the charges levied on loan upfront to the prospective buyer. This announcement was made by the RBI governor today while announcing the monetary policy decisions.
Source: indiatimes.com