[Resolved] Andhra Bank — higher conversion charges from plr to mclr scheme

saytunak

from Mundi, Madhya Pradesh

Address:

Raigarh, Chhattisgarh, 496001

I have taken home loan from andhra branch, raigarh c. G.in 2013. Now rbi has changed the home loans scheme from plr to mclr due to which the interest has come down. So, i have requested the bank to switch - over to mclr. For that they charged 1% of the outstanding amount plus service charge while other banks charged 0.5% of the outstanding amount including service charge.
May i know the reason about the higher charges.

Regards

Sanchita sil

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Sep 8, 2017

Complaint marked as Resolved

Andhra Bank customer support has been notified about the posted complaint.

Verified Support

Jul 27, 2017

Andhra Bank Customer Care's response Dear Customer,

We regret the inconvenience caused to you. Please reply us with your contact details with your email id to assist you further. We shall investigate and revert to you shortly.

Regards,
Andhra Bank Customer Service

Jul 29, 2017

Updated by saytunak Thanks for the reply.
My contact details are:

Mail Id. [protected]@gmail.com
Ph. [protected]

Verified Support

Aug 01, 2017

Andhra Bank Customer Care's response Dear Customer,

We thank you for providing your contact details. We will update you soon.

Regards,
Andhra Bank Customer Service

Verified Support

Aug 08, 2017

Andhra Bank Customer Care's response Dear Customer,

We would like to inform you that as per Bank policy guidelines, if any Housing Loan switch over from Base Rate linked interest rates to MCLR linked interest rates, 1% of the outstanding loan amount should be paid as switch over charges plus applicable GST as conversion charge and there should not be any overdues in the account as on date of switch over.

Regards,
Andhra Bank Customer Service