"Yes, then the consumer has no option really. If your bank revises the rates it will be for all the consumers and not for you alone. You’ll share the fate of thousands of other consumers," says Roongta.

Scott asks all consumers to exercise caution, "Never assume that a bank will help you switch to the most favourable interest rate prevailing in the market. It's your responsibility to stay abreast with current market rates and switch when it is in your best interest and when permitted to do so under the terms of the loan agreement."

Photograph is for representational purposes only.

Photograph: StockXchnge