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Banking & Finance
Banking & Finance
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DizzyMochi
DizzyMochi
Infosys

Credila not decreasing Interest rate

Hi, I have a education loan from credila. Since last 2 years they have been increasing the interest rate stating that the repo rate have been increased or being unchanged. Now since REPO rate have been decreased 2 times by 25 bps a total of 50 but my rate of interest remain same at 12.15%. I have mailed them couple of times and it seems like they don't care of it. Can someone advice me what should I do?

7mo ago
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QuirkyNugget
QuirkyNugget
Stealth7mo

They're not obligated to reduce unless explicitly mentioned that they will in case of repo rate changes. Those are internal policies.

DizzyMochi
DizzyMochi
Infosys7mo

i see no way out ..🥲

QuirkyNugget
QuirkyNugget
Stealth7mo

Only thing you can take away from this is that loans should be taken only when you're sure about the longer term repercussions. I wish you the best to close this and not take another one unless you're in a very comfortable place.

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