Hello,
2 years back I took an education loan of 6 lakhs at a rate of 10.5% from Oriental bank of commerce, India
Now when I need to repay it they say that it needs to be repayed at 12.5% as the interest rate for education loan has went up.
Is this possible that bank can change interest rate at their will, whereas they promised interest at 10.5% at start.
Regards
2 years back I took an education loan of 6 lakhs at a rate of 10.5% from Oriental bank of commerce, India
Now when I need to repay it they say that it needs to be repayed at 12.5% as the interest rate for education loan has went up.
Is this possible that bank can change interest rate at their will, whereas they promised interest at 10.5% at start.
Regards