The RBI’s new draft rules say lenders must get your consent before switching benchmarks, and they can’t hike your interest rate just because they moved you to a new one. Even better? No extra fees for the switch. This is huge for anyone with a floating-rate loan; your EMI won’t skyrocket suddenly because your bank decided to tweak something behind the scenes. And if your current benchmark disappears? The bank must migrate you to a fairer one; and you still can’t be worse off. All existing loans must be migrated under this new framework by April 2029. If you’re taking a loan now, check: Does your agreement mention the benchmark? Reset frequency? These details now matter more than ever. The rules kick in April 2027; but you should start asking questions now.