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High rate of interest charged Sudha-Singh | Loans and Credit Cards | 1 Reply


Sir the rate of which by ICICI bank is 12.75% but the actual rate of interest is only 8.75%. After doing repeated complaint nobody is listening in this matter. Please do the needful. My Home loan account no.isLBKAN00000713535

By IndianMoney Experts - 2013-May-27
Dear Sudha, Kindly contact the ICICI Bank Customer Care on Toll free number 1800 333 499 in order to resolve your complaint.You have taken your loan on floating rate of interest and Floating Rate of interest means an interest rate that is allowed to move up and down with the rest of the market or along with an index. Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate, below which Banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. But remember that you may end up either paying high interest rate or low interest rate based on the spread the bank charges to each individual. Their is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate. If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website for your home loan needs.
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