It is not governed by RBI. I was offered 10.4 which was the lowest at my time (others were 10.5). After three months, they started charging me at 11.9%.
When I asked I was never replied. They have some bad formulas of RPLR ans SPREAD and by that they literally loot people.
I am now finally moving to ICICI for better services at least. I am told by LIC that it will take 30 days to settle down Loan Closure. WTF!