RBI EMI Rule 2025: No Penal Interest On Late Loan Payments from June 15
Borrower security and system transparency being most pertinent, the Reserve Bank of India (RBI) has issued directions to bring about changes in the penal interest applicable on EMI defaults charged by banks or by non-banking finance companies. Since June 15, 2025, banks cannot impose penal interest for any late payment of loan installments. Although they … Read more