[Resolved]  State Bank Of Hyderabad / Vehicle Loan — Rate of Interest changed without notification

Address:

Aurangabad, Maharashtra

I have a vehicle loan in State Bank of hyderabad Paithan branch. The loan has completed 2 years out of its 5 years tenure. I have not been a single defaulter in paying the EMI and regularly paid all the EMI till date.

The bank has increased the rate of interest 2-3 times in the span of 2 years but there has been no notification from the bank regarding the rate of interest change.

This change of interest rate has caused a due of[protected] rupees on my current loan amount. The bank is forcing me to pay the due amount.

The bank should have notified my with the new rate of interest rate along with the new EMI so that the penalty due could have been avoided.

This penalty amount would reflect in my credit history, this will also act blocker for any of my future bank formalities like homeloan etc.


I want that the bank should waive off the penalty and should keep my credit history clear.