Tag: EMI
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RBI’s New Rule: Phone Locking for Defaulted EMI Borrowers
Introduction In a significant move, the Reserve Bank of India (RBI) has proposed a new rule that aims to address the rising issue of defaults in equated monthly installments (EMIs) for smartphone purchases. Borrowers who fail to repay their loans may find their devices locked, a measure aimed at ensuring accountability among borrowers and protecting…
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RBI’s New Rule on Mobile Phone Loans: What You Need to Know
Introduction The Reserve Bank of India (RBI) has introduced a new set of regulations that may significantly impact those who purchase mobile phones using loans. With the rise in demand for smartphones, many consumers opt for financing options. However, the RBI’s latest rule aims to address the concerns surrounding defaults on these loans. What is…