LIC Housing Finance Limited
Change in interest rates

I am really unhappy in the manner in which LIC has tried to earn from consumers by predating increase in the interest rates in the recent past. I agree there has been inflation and all banks have been increasing the rates and that is the reason LIC has increased the rates.

What has disappointed me is the fact that LIC tried to deceive their consumers by sending a letter on 7th July (posted on 7th July) and having the letter dated 1st May. The letter states that the interest rates have changed effective from 1st May. If the rates have increased from 1st May and you intend to charge your consumers from that date then why is it there was no change in the monthly installments for the month of May, June & July? The letter also states only the increase in the interest rates but does not contain any more details on what will the change to us as a consumer!!

Even the worst known banks for their rates have increased their interest rates only from 30th June / 1st July. Is this the way one of the most prestigious organisations in the country try to cheat its consumers by faking the date of the letter???

Regards

Kishore Bakshi

Company: LIC Housing Finance Limited
Country: India

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