The story starts in 2004 when I took a 5 year loan against commercial property from KM Bank at 11.25% Rate of Interest (ROI). A year later when I topped up this loan, the first loan had risen to an ROI of 11.75% and the additional amount was given at 12%. I didn't understand how the same bank could give two loans to the same person against the same collateral at 2 different rates of interest?
The rate steadily kept on increasing, till it got to an usurious 15.25% a couple of months ago! When I got the letter from my customer-unfriendly bank, I naturally went into a bit of a depression. Imagine my anger, when a customer service representative called me to ask if I would like to top up the loan again, since the outstanding principal had reduced to a 3rd of the original amount and the property value had gone up!? I shot her an angry email response telling her to basically get lost! Then later, a senior rep came to me and told me to write to UK (the CMD of the Bank for chrisssakes!) and ask for the ROI to be re-negotiated if I agreed to top-up the loan.
None of this obviously worked, until I hired a loan agent to talk to other banks. Within 10 days I got 3 offers, the lowest of which was 11.0% from Barclays! When I informed KM Bank about this, I got an SOS call back from them with a confirmed offer letter reducing my ROI from 15.25% to 11.25% with immediate effect! Since the pre-payment penalty was another 2%, I told the other bank that I would stick with KM. They then re-negotiated down to 10%! I immediately triggered the request for balance transfer from KM to the Barclays and happily paid the 2% pre-payment penalty.
End result: ROI reduced from 15.25% down to 10% in 2 weeks of effort.
Moral of the story: if your bank is sucking your hard-earned money, show them it is a competitive market and you can go to the bank down the street and get a much better deal!
About Me
- Kanwal K Mookhey
- Mumbai, India
- I run an IT Security consulting firm based out of India. We started off from scratch in 2001 when I was 21, and have offices in Mumbai, Bahrain, and UAE. The idea behind the blog is to share the stories of how we run the business, the deals we make, the deals that break, the heartburn, and the sheer joy.
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Sunday, November 21, 2010
How I got my bank to straighten up
Posted by Kanwal K Mookhey at 7:29 AM
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33 comments:
good job kenwal.. keep them coming... keep posting..
Hi,
I need your help regarding a small issue.
Please let me know where can i email you.
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Sir,
M really intrested in a career in Computer security don't know where 2 start doing my B.sc in c.science
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