BANK INTEREST ON LOANS
Everytime there is a change in the repo or reverse repo rates announced by RBI, the banks are not prompt in reducing the interest rates on lending, but are quick to reduce the rates on deposits. Even nationalised banks, including SBI, do this.
In the case of car loans and education loans, I find that although the banks have now announced a marginal reduction in the rate of interest, the EMI still remains the same. They say they will adjust the difference in the final instalment, which may be anytime from 5 to 7 years later. Why should the loanee wait till then and continue to pay higher than justified EMI for so long ? Even at that distant time, the benefit will be given only when asked for. Who will remember all the ups and downs in rates of interest at that time ?
Once a customer has opted for floating rate of interest, the banks should stick to that scheme, i.e increase or decrease EMI as per increase or decrease in interest rates. Otherwise what is the use of opting for floating rate if the scheme operates like a fixed-interest-rate-scheme till the repayment of full loan amount. I suspect the same happens even in home loans, which are over longer periods of 15-25 years. Imagine the loss a customer suffers even after opting for floating rate, due to higher EMI linked to original rate of interest. more
In the case of car loans and education loans, I find that although the banks have now announced a marginal reduction in the rate of interest, the EMI still remains the same. They say they will adjust the difference in the final instalment, which may be anytime from 5 to 7 years later. Why should the loanee wait till then and continue to pay higher than justified EMI for so long ? Even at that distant time, the benefit will be given only when asked for. Who will remember all the ups and downs in rates of interest at that time ?
Once a customer has opted for floating rate of interest, the banks should stick to that scheme, i.e increase or decrease EMI as per increase or decrease in interest rates. Otherwise what is the use of opting for floating rate if the scheme operates like a fixed-interest-rate-scheme till the repayment of full loan amount. I suspect the same happens even in home loans, which are over longer periods of 15-25 years. Imagine the loss a customer suffers even after opting for floating rate, due to higher EMI linked to original rate of interest. more
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Oct 31
Public sector banks are expected to be customer oriented but they are profit oriented. They are quick in collecting penalties and collecting charges in advance in the starting of the period. Customer is no one. what is the logic for charging for the closer of the account? more
Sep 06
Mr. Chunilal, You are right. Banks has been doing favour to all the Big Borrowers for Monitory benefit. The Collateral value will be less then the Loan amount in many cases. Multiple borrowing against same property are the common scenario. This can't happen without connivance of Bank authority. These bank Manager they hardly inspect the property before sanctioning Loan. SARFESI act is good, there are Loop holes too, the borrower files an objection in DRT or pray to grant time to repay the Loan. All these while, same borrower has not paid anything back to bank, suddenly when auction happens & the borrowers finds that Bank has sold the property less than market value. These Banks officer, in charge of sanctioning Loan should be questioned by competent authority, no wonder they can find lots of undisclosed income. more
Aug 17
It may take sometime for the banks and RBI to get a grip on the massive NPA problems bequeathed by UPA sarkar. Until then, I suppose we must continue our protest knowing full well that we may have to be patient for our problems to be resolved. more
Aug 16
UPA or NDA it is only name . In side everything is same and same politicians. No one is exceptional. all are from the same school. When the other one comes to power they blame NDA. It is blame game. more
Sep 06
The whole banking system is total mess, RBI is busy trying to protect the ridiculous policies of the political party in power, and as a result Consumers are left with no respite arising out of the whimsical policies of NPA laden PSBs, Private banks are only taking advantage of the hapless situation of the borrowers. Everybody is encouraging small investors to go to MFs and knowing India, it is going to cost lot of them very dearly in the long term ( haven't you seen the fine print in all advertisements related to MFs). There will be many scams in the near future. more
Aug 16
