Hi,

I am Brijesh Gajjar, I have taken home loan of Rs. 3,00,000/- from
Standard Chartered Bank @ 9% Floating Rate, when interest rate goes
down to 7%, they have not reduced their rate for me as I was in
floating interest rate at that time. I have to give fees of Rs. 4800/-
to get down interest rate to 7.75%. I enquired at that time, reply
was "its depend upon Rack Rate of RBI, if RBI reduces rack rate than
only we can reduce rate". But now whenever interest rate rises they
are sending letter by every three months. now they are charging me
12% rate (current). I am paying loan from last five year and they are
showing my outstanding balance as on as Rs. 2,86,000/-.

So according to my conclusion Floating Rate is just to cheat &
exploit the innocent public, whether by RBI or Standard Chartered
Bank.

I advice not to go with Floating Rate of interest while applying any
kind of loan.

I am grateful if I can get solution for this.

Above means we are earning just to pay the bank bills.