Mark-up hike on already issued loans irk consumers

ISLAMABAD—Commercial banks have asked their consumers to pay up to three percent more mark-up on the loans they have obtained for buying cars on leasing or financing basis. Even those customers who obtained loans on a fixed mark-up rate have been told by banks that their mark-up had been made floating and they should pay more interest.
The banks have told the customers that they have hiked the mark-up rates to cope up with the recent rise in interest rates in the market, while interestingly they have not given any increase to their depositors.—APP