🚨Good News for Business Loan Borrowers: No More Pre-Payment Charges! The Reserve Bank of India (RBI) has made an important announcement that could benefit small business owners and individuals. On Friday, RBI proposed that banks and financial institutions should remove pre-payment charges on floating-rate business loans. This means that if you want to repay your loan before the due date, you won’t have to pay any extra penalty. This rule will apply to individuals and micro, small, and medium enterprises (MSEs). Currently, many banks and financial institutions don’t charge pre-payment fees on floating-rate personal loans (except business loans). With this new proposal, the same benefit will now be available for business loans too.