Submitted by: Arun S patel
Sub : Excess Interest Charged by Bank
Silver Shine Chemicals Ac.No.[protected]
1) I have Cash Credit limit of Rs.50Lacs Rate of Interest is MCLR + 2.80% Interest Payment : Monthly rest unless otherwise specified Current MCLR is 7.95% so my interest rate should be 10.75%, instead of Bank is charging 10.90% Interest which should be wrong . You should give me back Interest.
2) Secondly Insurance policy of my office which is a collateral security for this cash credit limit was expired on[protected] which was renewed from[protected] to[protected] but policy was received late so it was submitted on 12-04-18. Bank has charged According to me it is not fair. I have already renewed the Policy but it is submitted late because we have received it late from Insurance co. So it is my request to give me refund of Penal Interest which is charged by bank.
Ritesh A Patel