Personal Loan Rule: no longer take more than one personal loan!
Personal Loan Rule: no longer take more than one personal loan! Big news related to personal loans. New rule starting from the new year. No multiple personal loans. More challenging time for borrowers. Customers who will take multiple personal loans will suffer from this. The RBI rule on multiple personal loans will now change the big way of loan transaction. According to this new rule, lenders will now update loan information within 15 days, instead of 30 days. Normally, many people depend heavily on loans. People take personal loans for urgent matters like medical expenses, education, marriage, house construction, etc. Therefore, this step of the central bank has now increased the concerns of many people.
As per the new rules, lenders will have to update loan details with credit bureaus within 15 days. Earlier, this period was 30 days. Now, it will be fast to get details about defaults and payments from lenders. This will limit multiple borrowers. The rules were introduced in August last year. This has been implemented from the beginning of this year. RBI stated that this would help lenders to manage risks better. Earlier, the dates of EMI were different. So reporting was done just once a month. Due to this, there were 40 days of delay in payment records. But now loan information will be updated every 15 days. Lenders will have real-time information now. Therefore, this reduces the EMI reporting time as well as actual information about payment defaults is provided.
This action by RBI now controls multiple loans. Normally people who take easy new loans get new loans from multiple places. Many people receive more loans than they can afford. So, the banks have suggested updating the records more often. It is said that due to this process, proper information about the borrower will be available. Now, if a person takes a loan with EMI on different dates, then his financial activities will be visible in the credit bureau system within 15 days. As a result, the lender will be in a position to obtain fresh and accurate information about the financial status of the borrower. Lenders have said that this change will also put a stop to movements like ‘evergreening’. It has also been said that the problem of not repaying the loan earlier will be solved. The impact of this new RBI rule on the borrowers will be evident in the coming days.
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