When individuals or companies come to know that the interest rate on mortgage, loan, FD or credit cards is increased in the market and every bank is increasing the interest rates simultaneously, it is really important for the clients to ask for new interest rates to the bank. In order to find new or increased interest rates, a client needs to write a formal letter to the bank manager requesting to issue him new interest rates so that he can evaluate his income and start saving more money for making loan payments to the bank.
Brief description of request letter for interest increase rate information:
Usually when an individual or a company gets loan from a bank, both parties agree that the bank will not increase the interest rate for a specific period of time i.e. 6 months or 1 year and after that, the customer will have to agree to the increased interest rates. This is a very important and essential clause in the mortgage and loan agreements written between banks and customers. The customers also agree to ask keep an eye on the market and when they find out that market has increased or changed the interest rates, they have the responsibility to write a formal request letter to the bank and ask for new interest rates. This way if the interest rates are increased, they can start saving more money to make their full installments on time for the mortgage or loan. For example, in agreement, the both parties agreed that the bank will increase the interest rate after 1 year and when 12 months are passed, it is responsibility of the customer to ask for new interest rates to the bank.
There are two ways that clients can find out increased interest rates; either by going in the bank personally or writing a formal request letter to the bank manager and asking him to provide new or increased interest rates on loan or credit card. Usually when a bank has big or very important clients, they inform them about the changed interest rates without them asking but in case of common or regular clients and debtors, the bank is not legally responsible to inform them but they need to ask the bank or find out the new rates by any other way available.
Sample request letter for interest increase rate information:
To: senior manager
National Citizen bank, main branch
New York NY 35094
Subject: information about interest rate increase
Date: 19 March 2015
I am using a premium credit card issued by your bank with number 98-213-1212-5534-112 for almost 2 years. Recently, I found out that banks in New York have increased the interest rates on all types of credit cards and I was just wondering if you also changed the rates or not. I am writing this letter to make a formal request o provide me new or increased interest rates of your bank for premium credit and debit cards.
Credit card number: 98-213-1212-5534-112