4. Don’t hesitate to switch

The existing borrowers, who think their banks are stubborn in respect of revising their lending rates, should keep this suggestion in mind. Now it more authentic and easier for a borrower to negotiate as the RBI has abolished pre-payment penalty. You should definitely have a word with your bank if it is unwilling to reduce rate despite the fact that other banks are doing so. Along with this, you should also show your intention to switch to other lenders, which can prove to be a powerful tool for you. But if you intend to do so, then just make sure that the savings on the payable interest justifies the cost involved in your switching banks.