Why Banks In­sist on Chang­ing Loan Ten­ure in­stead of EMI?

Consumer Voice - - Bfsi -

Ev­ery time the RBI cuts in­ter­est rates, you are made to be­lieve that your EMI will come down. But this is not al­ways the case. Lenders pre­fer to shorten the ten­ure than change the EMI. The rea­son is con­ve­nience. This saves them the has­sles of read­just­ing the EMI, chang­ing the ECS man­date and ac­cept­ing new post­dated cheques (PDCs).

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