[Resolved]  Andhra Bank — So much hidden charges and not updating the floating interest

Address:

521178

We have taken house loan from AB at 2008. here is the account number [protected] with the interest rate around 12.8%. we are basically from agriculture background so we make as the yearly repayment. we have paid like that only usually we get money in between Jan to May for our crops.

i have noticed some of the problems here

1. they never ever changes the floating interest till today, now bank is issuing new loans with the 9.7%. we have notified them about this they will be asking to write a letter to change it. why should we do this if its floating interest either it should be updated in the software or its employee responsibility to do that.

2. every quarter bank is adding quarterly maintenance charges, i need clarification regarding if its loan account why would we pay this, as we not getting any services from this apart from interest. bank people said this is the policy but what that policy not clarified. checked with bank customer care people they were not aware of this charges, suggested to check with the bank only.

3. interest bank is adding like compound interest for every month instead of every year, as we selected in the yearly repayment cross checked with the application in the bank system recently.

when ever we ask for the clarification bank people says this is not the regular EMI which you get from other banks, its different policy we are fallowing.

if its different policy why should you people educate the farmers before taking the loan, simply they says they wont ask and we wont tell.

we have taken 6 lacs and already paid 7 lacs with still 6 lacs as principle amount.

what should you people for us for this issue..?