This was the issue which i mailed in the form of letter to icici bank
This is with reference to the Personal loan of 9, 00,000 Rs taken by me from ICICI bank in the year 2006. The EMI repayment start date was 05-Feb-2006. I have an issue with regard to the personal loan which is described as below;-
I had approached ICICI Bank Branch 9th Block Jayanagar Bangalore-560041 Karnataka for Personal loan and had met a person named Amit Kumar- Manager Retail loans (Who has resigned from ICICI Bank and is currently not working with ICICI Bank). I had a detail discussion with him on the personal loan. Three important points which he informed me were:-
1. I can make part payments
2. The foreclosure amount will be 2 % of the outstanding principle
3. ICICI Bank do consider concession of the foreclosure amount of credit history is good
I had some financial changes during the month of February 2007. These changes were due to the fact that I purchased a flat and wanted to go ahead with housing loan of 40 lacs
Based on my previous communication with Amit I went ahead and deposited 6,96,632.80 Rs ( 5,96,000 and 1,00,000) as demand drafts with loan number mentioned on the demand draft to ICICI Bank. I was never informed by anybody from the bank who prepared the demand draft of 1, 00,000 Rs and who collected the demand draft that I cannot make payment against the personal loans. Incidently since I was running short of 60,000 Rs (As I had made payment of my principle to the tune of 1, 39,000 Rs through EMI) I made the part payment. I deposited this money in the 9th block Jayanagar branch.
After few days I approached ICICI Bank Kormangala branch Bangalore for my Foreclosure of the loan. I received two rude shocks when I visited ICICI Kormangla branch:-
1. I cannot make part paymentsóI was questioned for part payments as if I made the biggest crime on planet earth by making part payments
2. The foreclosure amount was 5 % of the outstanding principle
The foreclosure amount was calculated on the outstanding principle of 7, 60,681.08
I objected to that and I was being instructed to get the agreement on the assumption that the above two points are mentioned in the agreement.
I got the agreement from ICICI Bank and found that the foreclosure amount was 5 % and nothing is written in the agreement that I cannot make part payments.
I visited the Kormangala branch again after I received the agreement. There again I ended up with the same discussion. After that I was put forth to the Manager (Anthony Kanthiraj) who heard me properly and instructed me to write this letter to you.
I would like to state my observations for your reference and would appreciate candidate answers:-
1. Why did Mr. Amit Lied to me? Just for the sake of getting businessÖ..
2. I also understand from Anthony that part payments for certain type of personal loans can be made. Why this is not stated explicitly in your policies and if that is then why Amit Kumar didnít communicate in the right spirits? This could also mean that Amit has not understood the Personal loan ICICI policies properly and hence there was a communication failure.
3. When it is not written in the agreement itself that I cannot make part payment why I am being charged exorbitantly and being informed that I cannot make part payments?
4. Your organizational policy states that customers cannot make part payments for my type of Personal loans. Then why were my demand-drafts got accepted at Jayanagar branch? It really doesnít matter to me whether it is ICICI Jayanagar 9th block branch or Kormangala branch. Rules are applicable every where within one organization and I will consider all the branches as ICICI Bank only. I also understand that even though it gets deposited in any other branch it will finally go to Kormangala branch since it is personal loan and personal loans are handled at Kormangala branch.
5. My Credit history is good but not a single person with whom I interacted was interested to give me the concession. Why then ICICI bank do talk about it?
6. My Personal loan EMI is deducted through auto debit facility. I am being informed by ICICI Kormangala branch that you donít have any procedure for customers to stop payments if they avail the auto debit facility. But when I called up your call center they informed me that I need to write an application for availing the facility of stopping auto debit payments. Who is right? If this is true then why donít you inform this to all the customers who want to avail the auto-debit facility? Why there is a communication gap? Customer would appreciate if you shout and inform them rather than hiding or not talking about it
7. While I was discussing this with the customer service representative some other customers overheard and did stated that ICICI Bank cheats and this is common.
8. The outstanding principal amount computed as of June 09 is also wrong as per my calculations. But I am sure you have your own method of calculation. But as of now I donít think I owe you any money
9. Till this dispute is resolved I would appreciate if money is not auto debited from my account.