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Bank interest rates
Rank: Member Joined: 2/4/2016 Posts: 175 Location: Global
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tom_boy wrote:Boris Boyka wrote:Emerger wrote:tom_boy wrote:Is the bank mandated to inform me before they vary the interest rate on a loan that I have with them?
I have noted widely varying rates applied month on month after going through the statement with a toothpick. @tom_boy - Yes they are. I once said it here that Go to that bank, borrow an empty loan form that has terms and conditions.. or rather find the terms and conditions of the loan you took. You'll be shocked. The bank reserves the right to vary interest without your prior notification but they MUST notify you of such as soon as possible! Brother Mind you sharing details of the bank and what interest was charged which Month. Don't forget there is an annual/semi annually/quarterly/ monthly/ weekly maintenance fee/charge...depending on loan cycle. NBK bank. Annualised monthly interest has varied between 15.75% to upto 20% in november 2015. At no time was I notified of these changes in interest. My request for a monthly breakdown of interest rate from the bank has gone unanswered. What to do? Nothing much you can do. Your loan contract has a clause somewhere in small print saying "......the bank reserves the right to vary......." June to Dec last year was volatile in the banking industry.You are lucky you are talking of 20%.Some are crying at 27%
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Wazua
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