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  #1  
22nd October 2015, 02:06 AM
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Is there any curriculum of RBI in Fixed and Floating Interest rates for Nationalized Banks?


Dear Sir,
I am Harsh and I have taken education loan of Rs.17.5 Lacs for my son to study in Abroad from Indian Bank. At the time of signing the documents we were asked for Fixed Rate or Floating Rate options. We had opted for fixed rate option. Now the interest rates have gone higher and the bank wants us to pay interest at a higher rate saying that the option for a fixed rate was never available with the bank. Please advise what we should do under the circumstances. Is there any RBI circular regarding charging of interest at Fixed or Floating rates to the nationalized banks. Please advise.




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  #2  
31st October 2015, 09:42 PM
ArunavaBasu
Senior Member++++
  
Join Date: Mar 2015
Posts: 2,155
Default Re: Is there any curriculum of RBI in Fixed and Floating Interest rates for Nationalized Banks?

If you have opted for a fixed rate then you must not pay a higher interest rate.
The fixed rate itself is higher and if the Bank insists you to pay the higher interest rate then you must put forward the original loan sanction papers.
If it is written that you were to pay Floating there then you will have to pay Floating rates and if it is written then you have to pay the fixed rate.
So check the agreement and loan sanction papers and whatever is written there will be followed.
If the Bank still troubles you make sure you contact Consumer Forum as quickly as possible.
Do you have any question? or have anything to say?



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