[Resolved]  HDFC Bank — Interest rate charged to existing customers

Dear Sir,

I am one of the unfortunate middle class customer of HDFC having taken housing loan with them in the year 2001 with floating rate of interest. My loan account no. is[protected] and I have Rs 12 Lacs loan with HDFC.

I am pained to note that HDFC has not been ethical in dealing with the floating interest rates for the existing customers. I am surprised to find that HDFC even today is charging me 12.5 % interest today when the new customers are all getting charged at the rate of 8.75 to 9 %. This is highly unethical and day light robbery.

I understand they are using a technique of passing on the benefit to only new customers by adjusting the spread only by givng more discount from PLR. As an existing old customer, my interest rate is defined by the HDFCs PLR which they seldom touch. This is is sheer cheating.

The trust with which I had been having my relation ship with HDFC is broken by this cheap tactics and I as customer is very pained and feel cheated. The purpose of taking the risky bet with floating rate is to look for the benefit during the reduction of interest rate. I find HDFC is quick to pass on the increase of interst rate due to macro economic factors and is cheating existing customers by adopting un fair means of varying the discount on spread to the new customers. This is atrocious

I am lodging this complaint with the Honourable Reserve Bank of India for an urgent action in stopping this cheating of customers like me.

I would request RBI to take this issue strongly and arrive at a way by fair way for both the NBFC and the customerlike me. The existing lacunae in the system of NBFC being allowed to set its own PLR should be done away with and the same need to be tied up with and independent regulator's interest rate announcements (like RBI)

I am looking forward to your action in this matter to resolve this cheating by NBFC Await your response to take the matter forward with RBI / Consumer protection groups. Request HDFC to not cheat the customers like this. Regards

Mr.T.C.N.SAI KRISHNAN,
Plant Admin Manager,
Asian Paints -Phthalic Division
H3, Asian Paints Phthalic Colony No.2,
Plot no. 605-607 GIDC,
Ankleshwar, Gujarat – 393 002.