RBI : People who fulfill their needs by taking personal loans from many places are now in trouble. In the new year, the Reserve Bank has asked the lenders to provide the credit record of the borrowers every 15 days. Due to this, any loan will now have to undergo strict scrutiny. It is generally believed that personal loans are for fulfilling personal needs rather than economic activities. Therefore, people who have taken personal loans from one place will have difficulty in taking personal loans from another place without repaying it completely.

Earlier, credit record had to be given every month

The Reserve Bank has taken this new step to improve the credit risk assessment system. Its aim is also to stop taking unnecessary loans. Earlier, the credit records of borrowers had to be submitted to the Reserve Bank once a month instead of 15 days. Due to the strict rules of the Reserve Bank, the habit of taking personal loans from many places will be stopped to a great extent in the new year.

It will be easy to know the risk of the borrowers

By checking the credit record in a short time by the Reserve Bank, the ability of the loan giving agencies to check the risk in giving loans to the borrower will increase. The Reserve Bank had issued this order in August itself and asked to implement it by January 1, 2025 at all costs. The payment of EMI dates falling on different days of the month is delayed and sometimes given after 40 days. In this way, the correct credit data is not available when the report comes after a month. Therefore, by getting the data every 15 days instead of after a month, the credit information will be correct to a large extent.