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Rate hike upsets bank loan takers

Sajjadur Rahman
Almost all private banks have increased interest rates for consumer loans — both old and new — to cope with a rise in their costs of funds.
The new rates that came to effect from this month have started putting further strains on the consumers already battered by a soaring inflation.
Saidul Islam, who took a loan from United Commercial Bank's Banani branch, was surprised to see that he has to pay 18 percent instead of agreed 17 percent from July. This sudden rise in interest rate has forced Islam to pay nearly Tk 400 more per instalment every month against a loanofTk21akh.
Kamrul Ahsan took a loan from Dhaka Bank last year, and now has to pay 1.5 percentage points higher interest rate.
Dhaka Bank or UCB is not alone that has hiked interest rates for consumer loans taken one or two years ago. Consumer loan giants, BRAC Bank and Eastern Bank, said last month that they also raised rates on consumer loans.
Some banks increased the rates as high as 3 percentage points to 19.5 percent a year.
"Suddenly, I got to know that I have to pay an additional Tk 1,000 a month for a loan of Tk 5 lakh from two banks. Banks have done it without any prior
consultation,” said Islam, an executive in a private enterprise.
“These rate hikes will push us into deeper problem,” said another consumer, Akhter Hossain, who took a loan last year to expand his house in Kathalbagan area. He now has to pay one percentage point higher rate against the loan.
Consumers who are already struggling with soaring inflationary pressure will face further strains with a hike in the interest rates.
Bankers, however, said they can hike the rate anytime as per loan contracts. They blamed the rate hike on rising costs of fund. Some banks took deposits at 14 percent interest rate.
Banks, particularly 30 private commercial banks, had been in a fierce race since December last year to rope in depositors to meet their liquidity demand. Deposit is their main source of funds.
“Lending rate is a floating one and can be changed anytime,” said Shafiqul Alam, additional managing director (operation) of UCB that has increased interest rates for even old consumer loans.
Asked why the depositors are not given higher rates when lending rates mark a rise, he said: "The deposit rate is fixed until maturity."
Anis A Khan, managing director and chief executive officer of Mutual Trust Bank that has also hiked the rate
for consumer loans, said he usually does not support such an increase.
“We were forced to do it because of a rise in cost of funds," said Khan.
As to why old depositors are not given higher rates, he said money is deposited on a short-term basis (maximum one year), while loan is on a tong-term.
Moklesur Rahman, deputy managing director of Eastern Bank, also said cost of fund has pushed them to hike the interest rates for consumer loans.
The bank has increased interest rates to 19.5 percent for unsecured loans from previous 18 percent.
Syed Mahbubur Rahman, managing director and chief executive officer of BRAC Bank, said the rate hike depends on loan terms. “If it is variable, the rate can be changed,” he said.
SA Farooqui, managing director of Standard Bank that has not increased interest rates for its consumer loans, said banks can do it as per contracts.
A top central bank official said they did not issue any directive for banks to increase the rates for consumerloans.
“If the agreement permits, a bank can hike rates for loans,” said Jahangir Alam, executive director of the Bangladesh Bank. "Deposit is a shortterm product and the rate is fixed.”
sajjad@thedailystar.net