I took loan from LIC HFL in 2010, at that they had offer of 8.9% interest for 2+ yrs fixed & 9.5% for 5 years fixed, as I applied for 25 lac, as agent said that I am eligible to get that much and I opted for 9.5% 5 yrs fix scheme, but without informing me he changed that to 8.9% 2+ yrs scheme and got the sanction. After 2 two years it came to floating rate of interest from Apr 2012 @ 11.9% rate of interest without any intimation or any message from LIC HFL they deducted the EMI from bank. by seeing that I was shocked, went their office to know about this, there are many people like me who are suffering with LIC HFL.
And after this episode RBI has reduced the repo rate many times, but no effect is there for existing customers, banks far better than this LIC HFL, as they are passing at least half of it to the customers. And there is no option to change the interest rate like other bank, where we can get some options to reduce the interest rate for existing customers by paying some charges. here its totally reverse. once we come floating rate of interest there is no option to choose lower rates, we have to continue with high rate of interest only. simply they are looting the customers money, comparatively banks have lower rate interest always. The customer service worst. there is no words to describe their service. .
They are ages back in terms of customer service.