I had taken a Used Car Loan from ICICI bank, Malav parisar branch, Indore.
At the time of purchase, I had clearly stated in my email communication for zero foreclosure charges.
I got written confirmation from Bank employee for the offer which states that there shall be zero foreclosure charges. Also, a loan sanction letter was given by bank which does not states any charges on foreclosure.
After 16th EMI were cleared, I went to bank for foreclosure. I was informed that I have to pay 5% additional foreclosure charges or will have to wait for 24 months from date of loan acceptance from bank.
I want to foreclose the loan without any additional charges after its 16th EMI. I have all documents given by bank which state zero foreclosure charges and did not mention that there is a 2 year waiting period for foreclosure charges to be waved off.( I had to shelve Rs. 40K apprx. on interest for additional 8 Months waiting period from 16 EMI to 24 EMI.)