Huge Rate of interest charge by Bank?

Question

I have purchased new Hyundai i20 car thorough Bank dated 23.04.2015 with loan a/c. at the time of loan sanction they has advice me rate of interest @10.10 to 10.30%, but 3-4 days ago i will check my account bank has charge me rate of interest @10.88% this is a cheating by bank, i given online complain to bank i am going to bank but they has not given me suitable answer.

 

Answer 1

Hi Sarika

No bank can charge interest at a higher rate than agreed upon with the borrower.  Prior to getting your car loan, am sure, you must have negotiated regarding the processing fee, rate of interest, other incidental charges etc by  the bank / dealer.  Now, having agreed and executed the relevant loan documents, which should have invariably contained the contracted rate of interest, you can't really bargain with the bank for further reduction.  If you still hold the view that you have been cheated and can substantiate and prove the same, you may complain to the management of the bank and the process is as follows.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email)

RAJA