[Resolved] India Infoline Finance [IIFL] — Reduction of interest rate

kmilind82

from Vadodara, Gujarat

Address:	Pune, Maharashtra, 410507
Website:	www.iifhl.com

Respected sir/Madam,
I am Milind Laxman Kale, Home loan Customer of your bank having Loan Account No.770988. As per the goverment interest rates of Home Loans are cut down to 8.0% but still your bank have charged me 9.55% interest rate from 1st EMI of my Home Loan.
Kindlya apply me the interest rate as per current rate of Interest of 8.0% as early as possible from 1st EMI of my Home Loan. Awaiting for your earlier response.

Thanking You,

Regards,

Was this information helpful?

No (0)

Yes (0)

Jun 21, 2017

Complaint marked as Resolved

India Infoline Finance [IIFL] customer support has been notified about the posted complaint.

Verified Support

May 16, 2017

India Infoline Finance [IIFL] Customer Care's response Thank you for sharing your details. We have raised your issue to concern department and they will get back to you shortly. Request you to give us some time.

Regards,
Team IIFL.

May 18, 2017

Updated by kmilind82 Respected sir,

These following lines are given by RBI.

Interest rate:

IIFL Home Loan Charging interest at a rate higher than the rate stipulated in the loan agreement would also amount to deficiency in service. Interest cannot be claimed in a consumer case under section 34 of the Code of Civil Procedure as these provisions are not applicable .However, based on the underlying principles of justice, equity and good conscience, the Forums and Commissions can grant appropriate interest in each case. Although banks cannot give interest exceeding that prescribed by the Reserve Bank, they have a duty to inform the depositor about this, the failure of which, would amount to deficiency in service.

Thanking You,
Milind Kale

Verified Support

May 18, 2017

India Infoline Finance [IIFL] Customer Care's response Dear Sir,

We hope that our officials have contacted you & addressed the issue for resolution.

Regards,
Team IIFL.