Complaint regarding higher rate of interest on LIC HFL

I’m being a LIC customer for 7 years now writing this note with displeasure and a feel like a cheated
customer. Would like to bring to your notice that my loan sanctioned for Rs. 22,65,000 on 28/11/2011 with high
rate of interest of 10.9% which is above compared with any other bank and it continued above 10.6% till

Only after being annoyed and while I was trying to transfer my account to other bank I came to know
there is an option to pay interest of about 9.3% to 9.6% only by paying a thousand odd amount and it’s
done within few days.

I really don’t understand what does customer service mean to LIC? I have been made to pay high rate of
interest for all these years for the matter of fact I can pay less than 1.5% what I was paying. In other hand I can see new customers are given much lesser interest rate than what I’m still paying. So does it mean LIC what to wash out existing customer with whom they have already sucked out blood in name of interest?

I still have 16 lacs outstanding on my account after paying more than 21.5 lacs for seven years now. If I would have taken the same amount with any other bank I’m sure that my principal would have got reduced much higher than what I have paid.
I want a proper justification and justice to my case.
On highlighting
Why higher rate of interest taken all these years?
Why rate of interest reduction not informed to customer?
Why existing customers are still made to pay higher interest compare to new customers?
Request your attention and response on this subject immediately.

Saravanan Ganesan
Shenbagam nagar, Tiruvallur 600099, Tamil Nadu

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