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Can rate of interest on loans be hiked after load is granted
12-Jul-2023 (In Banking / Finance Law)
took loan of 1995000/- from citi financial on variable rate of int once they hiked n refusing to decrease.paid so far 3600000/- still bank demands 1149000/- now stopped emi. Bank is invoking Arbitration clause
If you have agreed for a floating rate of interest and if the financial institution has charged the correct rate of interest, you have a legal and moral obligation to pay. You may only negotiate with them to give you a fair and honourable settlement.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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