I was sheer love with my Apache (Red) I bought one month ago from Meghdoot Motors Bangalore till recently but for an unfortunate incident!! Looks are simply fabulous - Ride is pretty confortable- Fuel consuptions is....surprisingly 57-58!!
Vehicle was delivered on the committed time, guys are Meghdoot even obliged to take part of the payment thru credit card (Rs.5, 000/-) and I got a good deal for exchange of my Kawasaki Boxer AT. Guys at Meghdoot did not touch even a penny when I volunteered to pay about 100 bucks for delivering the bike on time without hassles!
My only complaint is on the Financing Gimmick played by TVS/ICICI Bank in club with Meghdoot TVS. Lot of hoardings, banners are put up in Bangalore claiming 4% per anum interst - Now or Never Deal etc, . Though I have my reservations on ICICI - I trusted the TVS for its ethical practices and transparent business model and opted for this scheme. Loan was sanctioned in just 2 days and everything went on as planned.
To my utter dismay, just about 2 days ago I got a letter ICICI saying Interst Rate Applicable is a whopping 16.96% per anum!!!!!
When contacted on the issue ICICI representative in Meghdoot says 4.5% is applicable only when you make the downpayment of 39, 000/- and tenure is limited to 16 months. IN my case I have paid 21, 000/- and opted for a 2 years loan. So 9% interst rate is applicable. But then ICICI letter says interst is a whopping 16%!!!
The ICICI Bank lady tried explaing me some jargons on IRR, Reducing Balance/Fixed Interst etc, which made no sense to me.
What ever be the explanation I now end up paying huge interst charges for 2 years for no consent of mine!! I cant even foreclose this loan becuase of high preclosure charges and hidden cost! I feel this is a ploy to price Apache at par with Pulser. What could not be done directly is sought to be done indeirectly thourgh these practices!!
I have a Home Loan, Gold Credit Card, Home Insurance, Term Policy Life Insurance from ICICI. I dont blame the bankers becuase every one knows they are driven by unethical greed for profits in the rate race scenario. Any right thinking person would laugh at me if I say I expected some transparent interest rate practices from ICICI Bank or any similar Private Banks !
I dont even blame the dealers becuase they too are victims of this phenomenon. They operate in a limited domain and want to maximise thier profits by such gimmicks.
My only greivance is against TVS and more particularly Mr.Venu Srinivasan whom I have revered all my life for being the Best Face of Indian Industry. Why should you allow your admirers, Apache Tribe or premium segment Bike Lovers undergo this suffereing???
I have suffered sheer cheating and is in extreeme bad taste. All my joy with Apache suddenly seemed wash away all at once. I contacted the guys at Meghdoot who gave some evasive replies.I am suddenly at loss to understand how could Mr. Venu Srinivasan - (my role model) could ever accept/approve this gimmick.
Dont pack this gimmick/cheating of Vehile Loans with such a Best Product.
Mr. Srinivasan are you listening???
Before parting let me say I am an Advoate of half a decades standing in the Karnataka High Court Bar. I entitled to and can efficaciously and readily explore legal remedy. But my problem is not usurping of my legal rights...its something more deeper than that. Its about loss of a role model and loss of faith on high esteem I carried on TVS and Mr.Srinivasan in particular.
This mail to appeal to the conscience of Mr.Venu Srinivasan and I reiterate I dont blame ICICI or Meghdoot!!