8 Replies
Manish Jain
(Chartered Accountant)
(119 Points)
Replied 25 May 2016
Don't borrow from them.
Management of NBFCs are allowed to determine the interest rates to be charged (though it shouldn't be less than the prevailing base rate).
You can negotiate with them for the interest rates if you have a good credit track record or search for some other lender.
Harpreet Singh
(14 Points)
Replied 30 May 2016
RBI reducing rates five times last year & once current year the cost of funds must have gone down. But my ROI remains unchanged. l have taken (LAP ) from nbfc. what to do to get it reduced from them?
Manish Jain
(Chartered Accountant)
(119 Points)
Replied 30 May 2016
Manish Jain
(Chartered Accountant)
(119 Points)
Replied 30 May 2016
Please communicate with the NBFC officials then. You can also get your loan account transferred to another NBFC offering better interest rate by paying a small processing fee.
Harpreet Singh
(14 Points)
Replied 30 May 2016
I am talking to them for last one year, but I have not received any response from them. Secondly if I transfer my loan from them now I have to pay them more because of increased ROI. I was given loan at9.99%& now they're charging13.71%.
Manish Jain
(Chartered Accountant)
(119 Points)
Replied 30 May 2016
I don't understand what's the issue then?
9.99% is very cheap.
Harpreet Singh
(14 Points)
Replied 30 May 2016
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