Wednesday, December 17, 2008

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I have an ongoing loan with IDBI at 11% floating interest rate. Sometime two months ago, they sent me a letter home saying the interest rates have gone up and its now 12%. I had anticipated that they would resort to such a thing. But what no bank expected is the liquidity crunch that caused the current global recession. This has now brought down the prices of everything - groceries, fuel, automobiles, clothes, what not! Can the banks be left far behind? How long will private banks analyse the moves made by RBI & SBI? Is it not logical that it cant and wont be for long?! Precisely. I got another letter from IDBI who have now lowered the interest rate from the current 12% to 11.25% (somewhere near my original figure). And I would not be surprised if it does go down further all the way upto 10%. But that might take some time.

For now its cheerful to get such a letter in difficult times. I keep my fingers crossed!

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Srikanth Eswaran
Bengloor Huduga

Srikanth is a blogger, reader, photographer, butter dosa eater, an urban car racer & an apple fanboy. He loves music, playing table tennis and traveling. Most times he would like to be solitary to introspect on what life has thrown to him and the bigger purpose of life.