The Reserve Bank of India (RBI) has told banks to offer an option for a fixed interest rate to individual loan takers. This comes after complaints about banks raising monthly payments and extending loan times without clear communication. Now, the RBI says banks must quickly tell borrowers if monthly payments or loan periods increase. They must also get the borrower's agreement. When giving loans, banks should have clear rules about this. Borrowers can now choose to pay more each month, extend their loan time, or both. Also, they can decide to pay off their whole loan or part of it sooner.
