This is a copy of the letter I have sent to the Head Service Quality for which no solution is given till now:
I had applied for a Personal Loan based on a commitment from your executive named Yonus(Cell: 9841301770, LL: 64556637) that she will get it at the same rate of interest as my previous loan(LPCHE00002670531) for 1.25 Lacs. She took the details of my previous loan along with my application form.
She latter came to my office and told that my loan is sanctioned for 1.29 lacs at the same rate of interest as the previous loan.
Believing her I gave her the cheques she asked - 6 crossed cheques in the name of "ICICI Bank Limited"(Security Cheques)without any amount filled and another crossed cheque wihout any name which she said was for her commision. After this on 13th February my account was creditted for Rs. 129037/-. After this on 13th February my account was creditted for Rs. 129037/-. I have never been informed officially by your Bank the actual Loan amount sanctioned or the rate of interest that is going to be charged.
Since I had no confirmation letter from your Bank regarding the rate of Interest or the Loan amount I contacted you customer care no 42088000. Here I got the information about the EMI - Rs. 4773/- and the Loan amount is Rs. 132000/-. when I calculated the figures I came to know that the interest charged is higher than my previous loan(LPCHE00002670531)
I have logged a complaint with your Bank on 17th February after trying to contact the executive Yonus to solve this issue proved futile.She even misguided me by saying that the loan tenure is for 34 months.
They have given me a Service request No:SR18747679 and emailed that the issue will be solved within 3 working days on 20-2-2007.
Till now after 7 days the issue is still not solved. Please resolve this issue at once. If you are not in a position to reduce the rate of interest I am ready to return the money creditted to my account(Rs. 129037/-) at once since I dont require the money at that cost.
Every time I write to you by Email or talk on your Customer care the usual reply is "Your issue will be solved within 3 working days or 2 working days. It is now 12 days since I wrote my first email.
Please give me the procedure to return the loan money back to your Bank without any more delay. The EMI for the loan will start on 5th March.What am I supposed to do with it? So please close this issue before that.
Please note that my sole ambition in life is definitely NOT to fight with ICICI Bank and spending my time endlessly replying to Telephone Calls from various people who want the "full" details, Checking and replying emails form various "Managers" and so on.
As the Head of Service quality at least you solve this problem by tomorrow(2-3-2007)
G.S.Subramanian
This is in continuation of my earlier mail. Today I got the copy of my "LOAN AGREEMENT FORM" after nearly 25 days.
I was surprised to see that the so called "LOAN AGREEMENT" is nothing but the first "APPLCATION FORM" itself. Previously there used to be a seperate agreement form. This is pure cheating since the form clearly states it is "CREDIT FACILITY APPLICATION FORM" and nobody tells you that this is a "LOAN AGREEMENT FORM"
They have printed a lot of fine print in it and signing at the required places without all the columns filled in will mean you have agreed to all the terms & conditions of the loan before even knowing what they are
However in my case I signed only in one place . I had refused to sign in other places since I could see that it meant to agreeing to the loan without confirmation of the rate of interest or their service charges etc. I specifically told the person who brought the form to come and get my signature after filling those columns.
But "ICICI" people are so helpful that they dont want to bother me with their terms & conditions so they themselves "FORGED MY SIGNATURE" everywhere else. So technically I have "SIGNED THE LOAN AGREEMENT FORM"
In future if anyone of you is going to apply for a Personal Loan from ICICI Bank(NEVER DO)first ask them to fill in the columns giving the terms & conditions and then SIGN THE FORM ONLY IF THE TERMS ARE AGREEABLE
This is to be done with utmost care because you are not going to be informed in writing under what terms the loan is being sanctioned by "ICICI BANK"You MUST take a photocopy of the "APPLICATION FORM" before you give it to the executive and also get it attested by them because they might do some forgery afterwards also.
I dont know how "INDIA’S LARGEST PRIVATE SECTOR BANK" can operate like this and cheat innocent people I want to take them to consumer court for this matter but I am not sure how long it will take. Can anyone give me some idea?However if you want to rest in peace .
NEVER NEVER NEVER TAKE A LOAN FROM ICICI BANK