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If you have an existing loan of any sort from a bank or are planning to avail one, these guidelines on the soon to be introduced Base Rate system are a must read.
I particularly like this directive:
The Base Rate system would be applicable for all new loans and for those old loans that come up for renewal. Existing loans based on the BPLR (Benchmark Prime Lending Rate) system may run till their maturity. In case existing borrowers want to switch to the new system, before expiry of the existing contracts, an option may be given to them, on mutually agreed terms. Banks, however, should not charge any fee for such switch-over.
I have a car loan from a commercial bank — post July 01, 2010, need to see if this can be negotiated to better terms.
How about you?
Awareness Fridays is my initiative to spread awareness on topics relevant to personal finance — every Friday. I urge you to take some time off and absorb this information — it’s pretty useful. And, as always, do spread the word if you find this useful.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.