Today I was going through my bank statement and all of a sudden find my ICICI EMI deduction. This time they have deducted an EMI lesser than usual.
Then I called them and inquired about the same. I got a response saying the tenure has increased in order to revert back to the initial EMI. When I asked them why this was done, they said this is because many users have requested them to retain the EMI amount and to increase the tenure when the rate of interest had gone up.
Now that comes as a surprise and I asked them why have they increased mine. Then I get an answer saying they have done it to all of the floating interest home loan accounts. I was very angry at this point and I happened to yell at them about it. I had purposely got my EMI amount increased, after making a part payment, so that the total interest reduces.
It is known that if EMI amount is more and tenure less, you can drastically reduce your interest amount. But now ICICI tells me they have increased my tenure and decreased the EMI. I believe this is nothing but a very cheap tactic by this so called popular bank!
Then they come up with some excuse saying that they have sent an intimation, which I never received. Even if they have sent it I don’t understand how someone can do this without receiving an acknowledgment from the customer.
I have raised a request at the call center to revert it back and also refund the amount that I should have lost in terms of interest due to the reduced EMI.
I do not know how long I will have to fight for this silly problem. As though I have no other work to keep track of this unnecessary problem created by them. And the problem with the call center is that they promise to call back but no one turns up after the complaint. Forget about getting a call from them, they wouldn’t even remember such requests.
All this but even more cruel is that though they call it a floating rate of interest and they do not reduce the rate when the rate would have really fallen. They just leave it to what it is. But when it comes to increasing the rate they do it in no time. Till date I do not understand why on earth they do not reduce the Rate of interest.
So, I ask all of you to just be careful about this new trick from ICICI. Check your EMI’s regularly and revert back to them:-(