I have taken a loan Rs. 30 lac @ 9% for 20 years. After the interest rate went up, by tenure was increased to 30 years without asking me the option of Revising EMI or Revising the term. I approached them and I was told that icici banks policy is to manipulate with duration instead of touching the emi.
I agreed and asked them to increase my EMI without affecting the duration. AFter the latest reduction of .5%, I shocked to know that instead of decreasing the duration, they have reduced the emi. Again I approached the bank and I was told that they have changed the policy now.
It is clear message that icici wants to ensure that principal never goes down because of interest rate changes. It is a big cheat that icici bank is deciding their policy which is favour to them dynamically and not informing to the customers. Dont ever take loan from icici, they are professional blood suckers.
-Kumar