THE EDITOR, Sir:

I took a loan with National Commercial Bank (NCB) late last year and I was given the option of a payment holiday or a normal loan. Of course, I went with the payment holiday, and I was told the interest rate was one percentage point more.

Upon trying to access the payment holiday, it was communicated that I had to pay a fee of $3,900, which, I might add, was not told to me initially, nor is this fee written in black and white in my contract. Please note that I am already paying a higher interest for this payment-holiday facility.

I believe this practice is unethical, and these things must be made clear to the customer. The bank claims that this is always communicated, but in my case it clearly wasn't.

How can I be paying for a higher interest and paying an amount that is akin to almost 33 per cent of my loan amount in order to get a payment holiday? This is a rather unfortunate practice.

I am disgruntled and feel that I have been cheated of my hard-earned money. I hope this letter will serve to inform others unaware as myself of this insane practice.

The bank is already making more than enough interest from loans and must desist from making these super profits by penalising their customers.

L.R.B.