State Bank Of India [SBI] — Loan emi

Address:	Jaipur, Rajasthan, 302012
Website:	www.sbi.co.in

Hlo sir I have taken personal loan from you branch at jhotwara. In loan documents they have mentioned that loan interest is 12.45%, and my emi was 17, 979 (written proof). They charged first two emi at this rate, but after that they increased emi to 19, 011, I don't know why. Because as per document's interest rate it must be 17, 979, but it's not. They are charging 1100 more than they promised monthly and 60, 000 more after 5 repayment period.

Lines of document given by them-""Fixed Rate of Interest : Interest on the loan will be charged at 12.45% p.a on daily reducing balance at monthly rests which is 3.3% above the Two-Years Marginal Cost of Fund Based Lending Rate which is at present 9.15% p.a. The rate of interest viz 12.45% will be valid for the entire tenor of the loan. In the event of default in payment of any instalment or any irregularity in the loan account, penal interest at the rate of 2% p.a. over the stipulated interest rate with monthly rests will be charged for the irregular amount and overdue period.""

When I visited Branch regarding this issue they refused my point of view and charging me continuously 19, 011 monthly. It will cost me 60, 000 more than actual or fair rate.

Please resolve my problem or I will see you in court.
thanks