Sir, I took a loan of 3 lacs from SBI under Fixed intrest rate of 7.75. Is this rate of intrest is fixed upto 15 years or it may change at any time. If SBI changes fixed rate will they send intimation? Pl. clarify
RE:Fixed Intrest
by R K on Aug 18, 2007 11:51 AM Permalink
If the agreement says 'Fixed Rate' the bank has no right to change it, but some PSU banks are known to retain a vague right to review even a fixed rate under the 'fine print' conditions. I think you need to read the agreement carefully to find out.
