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Banks play it safe by putting all clauses in the agreement papers which most of us do not pay attention to. Banks can change interest rates as per their rules. They should inform the customers and this may have been intimated to you by mail,email or your online statements. It is up to the borrowers to check their interest outflows from time to time. The time period you describe in your mail is when RBI was consistently hiking rates and,as a result,banks pass the rate hike to borrowers. Such market conditions allow the bank to raise interest rates and this is part of the loan agreement. This is a very common problem faced by borrowers. Since rates have gone up in the period you mentioned,most of the borrowers had to pay much higher interest rates. However,when you contact them and negotiate with them,the rates usually come down as it happened in your case. To answer your question; you cannot stop additional interest added by banks. What you can do realistically is to check your interest outflow from time to time and take appropriate action if you see discrepancies. 

Let me know how to start investing Rs 5,000 per month in equity gold ratio of 70:30. Suppose I start investing from this month what will be the approximate amount in March 2033.

Dr MU Khan

You can start investing in equity mutual funds and gold funds. Equity mutual funds invest in equities and hence they are dependent on market returns but they do provide better return in the longer term. The value of equity mutual funds fluctuates widely in short term. Since your time horizon is long,equity mutual fund will be best option for you. Typically,equity mutual funds provide a return of 12 per cent to 18 per cent CAGR over longer time. Gold funds track gold prices and hence your returns will depend on the price of gold.You can choose from a variety of options by looking at their returns over last 5-10 years and invest accordingly.

Expert advice by Adhil Shetty,CEO,BankBazaar.com

For your personal finance queries please email at expressmoneyexpressindia.com

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