Bank of Baroda gives Educational loans to customer by taking collateral even for loans less than 3 lacs (they are not supposed to do that unless the loan amount is greater than 7 lacs)
- They divulge customer information to sources outside other than the customer about the loan taken (in my case they told my fathers family of my outstanding education loan) - this is a compliance issue, if they do adhere to basic norms of keeping a customers information secret and not giving details to third party
- They charges me a interest of 18%pa when i went to close the loan. According to my agreement they cannot charge me more than 2.75% above prevailing base rate (today the base rate was 10.75%) which should have amounted to 13.5% of the outstanding in prorata basis
This is an unethical behavior on their side. The interest rates are much lesser in other banks comparative to BOB. I would request new users to refrain from taking any kind of loan from BOB
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