New Delhi, March 17 -- If you are apersonal loan applicant, you are supposed to be aware of the latest guidelines which are in force. Early this year, Reserve Bank of India (RBI) released a circular with regards to equated periodic instalment based personal loans.

RBI's guidelines on 'reset of floating interest rate on EMI based personal loans' mention that banks must disclose annualised rate of interest/ annual percentage rate (APR), as applicable, in the Key Fact Statement (KFS) and the loan agreement.

The banks must also mention the possible impact of change in benchmark interest rate on the loan.

Besides, theRBI also mentioned that any increase in the EMI/tenor on account of the external benchmark rate needs to be communicated.

Be...