Aug 11, 2007 02:09 AM
2379 Views
(Updated Aug 11, 2007 02:28 AM)
I took a All smiles Loan from ABN Amro Bank in Aug 2004 which had a fixed rate of 6.5% for 2 yrs and then floating. Now there are All Cries instead of All Smiles. Once the 2 yr term came to end they have started charging exorbitantly high interest rate.Currently when floating home loan rate is around 11-11.5% charged by other banks, ABN is charging 13% yes 13% floating rate.
Can you believe that! And when I call them to discuss this they say we cannot help it and our rates are like this only.And they have this HPLR rate to which all floating rates are linked to. They have kept it to as high as 12.75%Though I admire there customer service and prompt response to all my queries but this high interest rate is killing me and that too when not one I talk to around me tells me that they are paying no more than 11.5%.
I dont' know if banks can charge interest rates like this at will. Isn't there someone like RBI or something who can govern the max rate that they can charge.
