I would like to share my personal experience with the ICICI Bank DST. I have taken a loan of Rs.30, 000 recently from them.
One day I got a call from the company called Coris Bar at secunderabad, to find whether I need a personal loan. I was planing to take a computer at that time so, started asked them about the Internet rates. The executive who called me told that the Interest rated would be 16% diminishing and she said their executive will come and collect all the document from my home. I thought it would be fine to take loan from them as I don’t get much time to run around banks for loans. Two days after that their executive came and collected the documents like the copies of me salary slip, residence proof and three months bank statement for my ICICI corporate account. He said I would get the loan amount with a weeks time. After one week I neither got the amount nor any information regarding that. I called the manager named Tony and told him the issue. He said he would find out about this and would call me back, I awaited for 3 days and again called back to check the status and got the same answer that he would call me back with the status. After one week he called me saying the bank has lost my file and he is sending his executive to collect few more documents like the latest salary slip and offer letter of my previous organization to resubmit them for loan approval. I gave them that documents and after two or three days the executive came to my house to have me sign few documents like the auto debit document and took four crossed cheques. The loan amount was credited in my account after 2 days. Then, after about 3 weeks I got the statement mentioning the amounts I have to pay to clear the loan. I was shocked to see the statement, it was completely different to that of the detail I was told. The statement showed the interest rate as 21.03 and the tenure was 24 months instead of 12 months. I went to the DST and asked about this but I got reluctant answers.
I wanted you people to know that take loans directly from the bank. In case you want to take from the DST’s read through the documents before signing them. Hopefully, this would help someone there from not being cheated as me.