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PERSONAL FINANCE
What is personal finance in the context of banking?
Personal finance refers to the management of an individual's financial resources including income, expenses, savings, investments, and borrowing to meet personal financial goals.
What is a consumer durable loan and what assets are typically financed under it?
Loan for electronics, appliances, and household durables financed by banks.
Which RBI guidelines govern personal loans offered by banks in India?
Personal loans are governed by RBI's Fair Practices Code, KYC/AML guidelines, and individual bank credit policies under the overall supervisory framework of the Banking Regulation Act, 1949.
What is a moratorium period in the context of personal loans?
Grace period during which no EMI repayment is required by borrower.
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