Letter from Bank Informing Customer about Revision in Rates of Interest
Re.: Your loan account with us
We have to advise you that the rates of interest, presently charged on the limits enjoyed by you, have undergone a revision as under from ____________ (Date).
Nature of facility Revised rate of interest
1. Clean overdraft 2% above bank rate with a minimum of 11% per annum
2. Cash credit (Pledge) -do-
3. Cash credit (Hypothecation) -do-
We are sending this letter in duplicate and would request you to please return the duplicate copy duly signed by you, indicating thereby your acceptance of the revised rates of interest.
Customer’s Reply to the Revision of Interest Rates
Re.: Our loan account with us
I am in receipt of your letter dated ____________ and note the change in the rates of interest applicable from ____________ (Date) I have signed the duplicate copy of the said letter and am sending the same to you indicating my acceptance of the change.