Complain to branch manager first: Business Line

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I applied for a home loan of Rs 4.5 lakh to Bank of India. The loan sanction terms say 8 per cent a year, but the bank has charged me 8.5 per cent. My reminders, written and oral, to the bank have gone in vain. Please suggest a way of redress.

— Madan Yavagal

If your loan agreement says 8 per cent interest for Rs 4.5 lakh, then you need to approach the manager of the bank branch where you took the loan and file your complaint with them and request an explanation. If the branch manager fails to help, approach the zonal manager. The details of how to file your complaint is detailed on the bank's Web site (http://bit.ly/L8dJ0F).

If in spite of approaching these officials you do not receive a satisfactory response, make sure you make the complaint official to the bank and keep a copy of the complaint filed. Give the bank 30 days to respond, if no solution is forthcoming you can then approach the banking ombudsman in your area. The contact details are available on the Reserve Bank of India's Web site (http://bit.ly/L8dPVR).

The banking ombudsman is a regulatory body that evaluates any complaint from a neutral standpoint and ensures that a customer's concern is addressed.