preclosure charges on credit card


Hi all

Is the preclosure charges on the credit card (Cash on call) whereby no written consent is given for the preclosure charges is legally valid for the bank to charge as per the RBI guidelines?

A letter is sent by the bank which indicates about the EMI plan and the preclosure charges. Is that binding upon the customer to pay that in lieu of preclosing the entire amount as no written consent is given to the bank

Is it legal and binding in lieu of new RBI Guidelines?

 

 
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