New RBI norms make it tough to get multiple personal loans
Retail borrowers will face stricter regulations in 2024 as lenders must update credit bureau records within 15 days instead of one month. The new rule aims to reduce delays in credit evaluations, enabling better risk assessments by lenders. More frequent updates will highlight borrower behavior more accurately, reducing the chances of over-leveraging and improving the lending ecosystem.
Retail borrowers will face stricter regulations in 2024 as lenders must update credit bureau records within 15 days instead of one month. The new rule aims to reduce delays in credit evaluations, enabling better risk assessments by lenders. More frequent updates will highlight borrower behavior more accurately, reducing the chances of over-leveraging and improving the lending ecosystem.
