Rate of interest issue under home loan

Querist : Anonymous (Querist) 06 March 2023 This query is : Resolved
Dear Sir,
Before sign the loan agreement rate of interest was 8.65 % but I requested revised loan agreement letter because insurance charges was higher side and I wanted to reduce the same.
Banker came with revised letter and taken my sign very hurry on the same before read the loan agreement by me after that I received the disbursement letter with 8.75% rate of interest which is higher than previous rate.

Please assist how can solve this issue.

Thanks

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kavksatyanarayana (Expert) 06 March 2023
You have not mentioned whether you are taking a personal/business/home/car loan and the bank's name. For personal loans, the interest rate is a minimum of 8.75% (only bank of India). So you clarify.

Dr J C Vashista (Expert) 08 March 2023
Rate of Interest to be charged by Bank(s)/ Banking Financial Institution(s) is governed by rules framed by Reserve Bank of India.
When you have agreed to avail loan @ 8.65% simple interest per annum, what is the problem / dispute between insurance and you ??

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