Address: | Bangalore, Karnataka |
SCB charges a switch fee for reducing the interest rate, this would be about .25% of the outstanding loan amount. The burden of interest itself is so huge at times that making a payment of switch fee does not seem to make sense.
The bank needs to work with the customers thus enabling them to continue paying the EMI despite the inflation and market scenario.
Case in point - the margin %age when I signed up was too high, and over period of time and with the regularity of payments and other factors, like the base rate the margin rate too should vary and have flexibility based on customer payment patterns etc. A fee to fix the margin rate is unjust and should be waived off.
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Standard Chartered India