Personal loans to get costlier? Interest rates likely to rise by up to 1.5% in 2024 with new RBI rules

Personal loans are set to become more expensive in the coming year, with non-banking financial companies (NBFCs) facing difficulties due to recent rule changes by the Reserve Bank of India (RBI). The RBI has increased the risk weight on consumer credit from 100% to 125%, resulting in higher costs for unsecured lending.

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