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NOT REDUCING FLOATING INTEREST RATES Ravi- | Loans and Credit Cards | 1 Reply

13
Jun
2013

I have taken home loan from ICICI in 2006 for 7.25% interest rate. From past 1 year i am paying 11.25% interest rate but when we compare with other banks from past 6 months they are offering 8.5 - 8.75%. When i asked the ICICI folks that as the other banks are charging only 8.75 why you are not reducing my floating rate from 11.25 to 8.75? They responded that some amount would be charged to reduce the floating rate. I asked while increasing you are immediately changing the interest but when comes to reducing the interest rates you are not ready to do that. And even they were saying that we are saying that this option is available when the customers are visiting to our branches. I think the interest rates should be made consistent in maintaining standard across all the banks.

By IndianMoney Experts - 2013-Jun-13
Dear Ravi, Kindly contact the ICICI bank Customer Care on Toll free number in order to 1800-22-4848 resolve your complaint. 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. RBI has been taking steps from time to time to address the concerns of the borrowers regarding banks not readily passing on the benefit of rate reduction to them. It has been observed that banks tend to promptly raise the interest rates. However, they are often reluctant to reduce them for the existing borrowers while at the same time wooing new customers with lower rates.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs as it is India\\\'s only free on call money adviser.
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