User


Recent comments




Home › Answers › bank

Car loan interest rate - increased

Car loan interest rate - increased

My husband has the salary account in commercial bank. He took car loan 6 months back at the interest rate of 4% in CBQ. We checked the online statement and it shows as current interest rate as 9.25%. They changed the interest without any notifications. We have sent a mail and didn’t get any response. Anyone facing the same issue?

Bookmark/Search this post with:
  • Delicious
  • Digg
  • StumbleUpon
  • Reddit
  • Facebook
  • Google
  • Yahoo
  • Technorati
itzme's picture
Answer this Question
Posted in:
By itzme
Tue, 10/11/2009 - 8:59am

Answers

atif242's picture
atif242
 

Well, you didn't read the TERMS & CONDITIONS before signing LOAN DOCUMENTS
.
Bank has full right to change INTEREST RATE at anytime.
.
If you have copy of your loan document, you can read it again
Answered on Tue, 10/11/2009 - 9:02am
If you like this answer
give it a star.
1
Average: 1 (1 vote)
 
 
AbuSaif's picture
AbuSaif
 

Rightly said by Atif, this is actually what is interest all about lady...

Get rid of the loan or car asap... best suggestion...
Answered on Tue, 10/11/2009 - 9:23am
If you like this answer
give it a star.
1
Average: 1 (1 vote)
 
 
_noms_'s picture
_noms_
 

this is one another prank played by banks. they give you a novel print kind of paper with 1000 terms & conditions that makes u almost impossible to read at the same time. you just sign it to rush ur procedures. Those tiny terms creates major conditional problems for you later.
Answered on Tue, 10/11/2009 - 9:38am
If you like this answer
give it a star.
0
 
 
Sripad's picture
Sripad
 

Hi,

Check out 9.25% will be decrecing and 4% flat. This is what i have been told while taking the car loan. They cannot increase the rate of interest by 100% with out information. Just read the document carefully again
Answered on Tue, 10/11/2009 - 10:32am
If you like this answer
give it a star.
0
 
 
farash's picture
farash
 

Yes, Sripad is right. Actually, what you agreed for is 4% flat, means irrespective of the remaining outstanding balance in your account they will charge you 4%. What they may be charging you is 9.25% on the remaining balance. Initially you may get charged more, but when the outstanding balance comes down, the interest charged will be less. Effectively you will be paying equivalent to 4% flat. But double check the caculation to make sure you are not paying more.
Answered on Tue, 10/11/2009 - 11:08am
If you like this answer
give it a star.
0
 
 

Join the Qatar Living Community



Qatar Living on Facebook

Qatar Living is an online community for everyone living in or interested in the State of Qatar. All trademarks and copyrights on this page are owned by their respective owners. Comments are owned by the Poster. The views reflected by members on this site are their own and do not necessarily reflect those of Qatar Living. Qatar Living is not responsible for any material submitted to the site. Any material posted is not endorsed, reviewed or approved by the Website Owner.