RBI proposes to do away with pre-payment levy on business loans taken by individuals/MSEs
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«REs, other than Tier 1 and Tier 2 Primary (Urban) Co-operative Banks and Base Layer NBFCs, shall not levy any charges/ penalties in case of foreclosure/ prepayment of floating rate loans granted to individuals and MSE borrowers, with or without co-obligant(s), for business purpose,» an RBI's draft circular said.
However, in case of MSE borrowers, these instructions shall be applicable up to the aggregate sanctioned limit of Rs 7.50 crore per borrower, said the draft on 'Responsible Lending Conduct — Levy of Foreclosure Charges/ Pre-paymentPenalties on Loans'.
Reserve Bank's supervisory reviews have indicated divergent practices amongst REs with regard to levy of foreclosure charges/ pre-payment penalties in case of loans sanctioned to MSEs which lead to customer grievances and disputes.
Further, certain REs have been found to include restrictive clauses in loan contracts/ agreements to deter borrowers from switching over to another lender, either for availing lower rates of interest or better terms of service.
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