I have got an experience with gold loans from ICICI banks on 2013 March for the sum of 1, 00, 000 rupees. They said that interest rate would be 12% per annum and should be paid for 6 months. After some days I received some letters from ICICI bank to pay the interest amount 25, 000 before Sep 5. I failed to pay the amount due to my personal reasons.
I visited the bank on Nov 5 to pay the amount and I took the renewal form and they said the amount is 29, 000. But I said it should be 25, 000 right and he said the interest rate for these 2 months 4000 rupees. I thought it should be 2000 odd like late fine. 2000 extra paid due to their policy rules, which they had not informed earlier.
Then I asked how this interest has came up, then he replied, "The interest rate is still 12% and we didn’t charged compound interest." For 60 days its has increased 2000 Rs.
I would like to know then how you are charging and the details of account. Then he said we will mail/ post the letter in 48 hours or you may collect tomorrow.
I didn’t get any mail / post, when I asked bank after 2 days, no reply. Unfortunately, I paid the amount on Nov 6. So nearly lost 2000 rupees. ICICI bank gold loan has some issues which are solved yet.
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