HSBC home loan
Inflated & Unjustified interest rates

Dear Sir,

In the year HSBC officials approached me to avails their Home Loan at a very attractive rate of 7% p.a. and promised us of their full co-operation and support in keeping the future interest rates as per the RBI guide lines and in lines of leading Public sector banks. As the time passed by, due to market trends they their interest rates in an unjustified way up to 13 to 14% much higher than other banks and the most unfortunate part is that till to-day they have not reduced the rates in accordance with RBI guide lines and other PSU banks and when we approached them, they threatened to close down the account and they have advised us to continue paying whaterver their demand is and have also warned of action from their side if any complaint is registered with authorities like yourselves. Today, their interest rate is about 4 to 5% over and above some of the leading PSU banks. And nobody from their side is willing to listen to our helpness and grievances. It is a shame that in India foreign banks like HSBC is exploiting general public and helpless consumers.

Company: HSBC home loan
Country: India

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