Education-loans may have lowest interest-rates lower than even for Home-loans

Kashmir Times. Dated: 6/8/2019 9:46:32 AM

Dear Editor,
Reserve Bank of India RBI has announced further cut in repo-rate to 5.75-percent making it lowest since the year 2010. But banks and Non-Banking-Financial-Companies luring new loan-takers by offering competitive lower interest-rates, but not passing benefit of reduced repo-rate to existing loan-takers. RBI should make it compulsory for all banks and NBFCs to pass on benefit of lower interest-rates because of cut in repo-rate to existing loan-takers without being asked for.
It is also time to discourage loan-business by imposing a total ban on financing of NBFCs by banks. It is not fair that NBFCs are financed by banks for money-lending business instead of banks directly giving loans without involving NBFCs as middle-agencies. There should be a total ban on telephone-calls encouraging people to take loans. Foreclosure-charges on every type of loan should be totally abolished to allow loan-takers happy exit from loans. It should be ensured that interest-rates for Education-loan should be lowest even lower than that for Home-loans.
Some highest limit of interest-rate should be fixed for loans either by banks or private individuals, firms, agencies etc. Even abnormally high interest-rate of about 48-percent per annum on credit-card defaults or accepting provision of boldly-written Minimum-Amount-Payable on credit-card statements should be covered by suggested highest interest-rates.
—Madhu Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.

 

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