Are we getting a fair rate?

[Aadi]

ICICI HFC claims they don’t strictly adhere to the RBI's repo-linked guidelines, leaving me unsure about how my floating rate is determined. If I switch banks, will they re-evaluate everything and give me a fairer, more transparent rate?

[Siddarth]

If you feel that your rate isn't decreasing when it should, it's probably time for a check-up. Since the rules changed a few years ago, they’re supposed to be more aligned with the RBI. Ask the HFC for a formal breakdown of your loan's benchmark , it's your right to know.

Many people find that switching to a bank like SBI or HDFC is better in the long run because their rates are directly tied to the repo rate, meaning they are much more transparent. It’s a bit of a process to transfer, so weigh the total savings against any switching costs first.