I have got credit card and on one txn they have built in EMI for 18 months. Now I want to foreclose the same, Bank is asking for advance interest for next month along with Foreclosure charges. As per me Foreclosure charges are ok but I raised dispute on paying advance interest. Actually they are asking for interest till next month If I foreclose the same today.

Regards,
Vivek.

ICICI Bank / ICICI Lombard,



I undersigned have ICICI AMEX credit card no. 3770 416647 27004 from last 4 months, I am having lot of confusion and unidentified credit was taken place in my card statement for the month of August, 2008. Upon my subterranean reconciliation on my card statement from the day one to as of date I have identified following error at your place. The details are as follows.



Counterfeit commitment.


One of your executive called me for ICICI Lombard general insurance against my AMEX credit card no. 3770 416647 27004 he confirmed me that one visa credit card also dispatched to you along with the health insurance cards.


I have agreed to take the above insurance under condition that VISA credit card along with the Insurance cards, but I have not received any VISA credit card yet. Therefore, as per your confirmation I have cancelled above insurance and ask you to credit the amount to my account. We have been given to understand that you people are giving false commitment to sell the insurance products and troubling the customers.


Reconciliation issue


As per the observation of your mails and telephone talk had with your customer care executives, I have not received any appropriate response and there is no exploitable.


ICICI Lombard insurance cost is Rs, 11788/- was debited from my account.


After two days one of your executive called me ask me to convert this amount into EMI base for that you have charged service taxes which is applicable for conversion.


As per his/her request for the same I have agreed to convert this amount into EMI. That time you have given credit of Rs. 11788/- to my account.


While converting the EMI you have blocked the above amount from the total credit amount. Example my credit limit is Rs.38000/- but after block my account my credit limit is become Rs.26212/- only.


After few days I have cancelled insurance with the above reason and ICICI Lombard is confirmed that the amount has been credited back to my credit card account. But my credit amount has not been released.


As per the discussion had with your executive last week of July 2008 to release block amount Rs.11788/- he is given again debit to my account.


It is observed entire process of the above, please note that my account was debited amount of Rs.11788/- twice and credited only once. But ICICI Lombard has confirmed cancelation of above insurance and credited, still there is no credit available in my statement.


Therefore, you are requested to look into the matter once again and arrange to credit the same to my account along with service charges and etc., . For your ready reference I have attached all the correspondence mails from the ICIC Bank & ICICI Lombard.



It is also observed that you need some strong reconciliation team to rectify the above problems for other customers too. I hope you may understand my problem with your bank. We strongly believe that no one can do wrong reconciliation like ICICI Bank.

# ICICI Bank started charging interest on my loan even without disbursing loan. Same practice followed as standard as per the ICICI authorities.
# ICICI tampered my post dated EMI cheque, just to make me a loan defaulter, which I was never. In fact, as soon as my issuing bank informed me of the tampered cheque coming for clearance, I deposited another one to ICICI Bank to make sure ICICI does not mark me defaulter. ICICI still has not returned the tampered cheque, which can get it into major legal trouble.
# ICICI adopted different means for increasing and decreasing ROIs, although the ‘PLR’ only should be used (per RBI) as benchmark rate for any net rate of interest (ROI) changes. Uses PLR for increase, and uses ‘Margin’ for decrease, thereby not passing any benefit of decrease of ROI to any customers.
# Adopted multiple ‘PLR’ benchmark rates for same floating rate loan product. Introduces new, and phases out old ‘PLR’ names to mislead borrowers and continue the illegal practice forever for using different means for increasing or decreasing floating ROI.
# Slaps penalties on borrowers for own delay in presenting post-dated EMI cheques with clearance houses
# Forces a borrower to get a co-borrower to sign a loan agreement, even without a registered ownership in property to be mortgage.
# Puts undocumented arbitrary conditions and/or slaps penalties for foreclosure, part-payment, re-finance, change in EMIs etc, and resists early foreclosure by asking unreasonable and irrelevant documentation, and other mechanisms for locking the customer permanently in, disallows any re-financing at market rates from any institutions.
# Forces one-sided amends to loan agreements, forcing borrowers to sign uncompleted agreements for bank to fill in arbitrary data later, on any request to reset ROI to market rates.
# No account statements sent to borrowers despite charging advance fees. If demanded at their branch, gives out false statements to customers, and also charges the customer for the same.
# Sells confidential data about borrowers to third parties without borrower’s consent.
# Suspected false reporting to CIBIL on borrower’s loan repayment records, and inability to provide any records on demand.
# False promises on free property/personal insurance, no policy is ever provided to borrower. Many other false promises at the time of selling (I even overheard from someone - borrowing from ICICI is like contacting AIDS)
# Not responding to customer complaints. Giving false assurances that they will respond in few days when escalated to outside agencies etc.
# Demands post-dated-cheques via letters, however when provided, does not accept them at random, forcing borrowers to make painful visits and waiting at branch every month until loan closure. Also demands PDCs despite having provided the same, and receipt obtained.

Most importantly, if you file a case against the Bank, and win, # ICICI Bank does not honor guidelines and orders from the regulator for Banking sector in India. I won the case, ICICI refused to honor it, when I appealed with Appellate authority, the orders were upheld, ICICI still engaged into cheating practices, not honoring the orders.

May God save all the ICICI's customers.

I had applied for a loan of Rs. 50000 at the Personal Loans department, Begumpet, Hyderabad to a loan officer named Sai Prasad. I submitted 3 months salary slip, address proof and ID proof for the same. I have a steady job with a leading software company and earn a good monthly income. As I am not a resident of Hyderabad, I asked my father's family friend to submit his papers as co-applicant. At his old age, he went to the nearest ICICI bank and deposited all his papers, because the bank refused to send anybody to collect the papers.

Sai Prasad was highly inefficient in processing the loan. He would answer one out of fifteen calls and gave misleading information every time I made a call to find out about the loan status. He promised me that the amount would be credited in my account last Sunday. Whenever I called, he would ignore my calls and traumatize me. I finally asked him to cancel my loan if he cannot give me appropriate updates. So he went ahead and canceled the loan.

I got a mail from the bank stating that I have failed the internal screening requirements and therefore my loan has been rejected. They cannot prove to me in what way I am ineligible for the loan. I will shortly be closing my account with ICICI and I also advise all of you to stay away from the bank.

As for Mr. Sai Prasad, I am sure the bank is proud of having such an exceptional person who will retain more customers by his great client-servicing skills and friendly attitude.

I paid 10, 000 Rs from my Axis Bank debit card to ICICI bank credit card on 4th of April. But till now the amount has not been credited. I contacted ICICI bank regarding this and they asked me to give the details. I have given them all the details including the print outs. I mailed them 7 times and after every mail they called me and said that my request will be processed in 2days. I waited for 3 months. But no response. Then i mailed them that I will lodge a complaint. Even then no response. But they are sending me the credit card bills with huge interests. It is worse on their part. For every mail i sent they replied me. Last saturday one representative called me from HYD and said that she wants some ARN number, with out which they cannot proceed. They could have asked me this before 3 months. But even now they are not responding.