TaxTMI 
TaxTMI 
No Foreclosure Charges by NBFCS on all Floating Term Loans to Individual Borrowers
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....o Foreclosure Charges by NBFCS on all Floating Term Loans to Individual Borrowers <br>News and Press Release<br>Dated:- 1-8-2014<br><BR>The Reserve Bank of India (RBI) does not propose to restrict for....
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....eclosure charges charged by the Non-Banking Financial Companies (NBFCs) on pre-payment of loans to a maximum of three percent at present. RBI has issued a circular dated 14th July, 2014 to all Non-Ban....
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....king Financial Companies/Residuary Non-Banking Companies with regard to levy of foreclosure charges/pre-payment penalty on Floating Rate Loans, as a measure of customer protection and also in order to....
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.... bring in uniformity with regard to pre-payment of various loans by borrowers of banks and NBFCs, stipulating that NBFCs shall not charge foreclosure charges/prepayment penalties on all floating rate ....
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....term loans sanctioned to individual borrowers, with immediate effect. The RBI has not received any such data till date regarding NBFCs non-compliance of the directions issued recently on 14.7.2014 on ....
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....levy of foreclosure charges/pre-payment penalty on floating rate loans. This information was given by the Minister of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok ....
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....Sabha today.<BR> News - Press release - PIB....