I took loan from ICICI bank in Dec 2005 at 7.25% floating rate. As the builder asked to pay the whole amount in 7 days, I had no option but go to ICICI.(Only ICICI could give the loan in 7 days). I was paying the interest rate of 12.75% as of Dec 2008, then ICICI decreased it to 12.25%. They increased the rates 5-6 times when ever RBI increased(even disproportionately) but never decreased. So I thought enough is enough.
In Feb 2009, I started the process of switching the loan to SBI(8% for first year, then as per SBAR) along with few of my friends/colleages. Finally I closed my ICICI loan as of Mar 24th 2009. I will recover the pre-closure charges(2.25%) paid to ICICI within 6-7 months itself. I am so much at peace now. Next step for me is to close ICICI savings and credit cards.
Best of luck to all the people who are still with ICICI.
Regards,
Omprakash