Dear ConsumerCourt,
I am Neelakanth D Shigihalli and has an home loan with the ICICI. My home loan number is LBBNG00001484841. I am not happy with the way ICICI is behaving with it's customers. It is treating the existing customers as door mat while offering freebies to the new customers. I do not have any issues with ICICI giving benefits to the new customers, issue is with not passing to the existing customers who are the bread and brand ambassadors for ICICI.

I took floating rate of intrest. Floating as explained by ICICI was that it will change with the market. It was also explained that a new customer and the existing customer will pay the same rate of Intrest. I started with 9.5%, reached 13%, stayed for 12.5% for a long time and now at 11.5% (FRR - 1.25%). During all this phase public sector banks at max went to 10.5% and HDFC went to 11.5%. FRR was meant to be Floating Reference Rate and not Fraud Reference Rate. Now ICICI is not changing FRR. ICICI has fixed FRR and the variance (for me which is 1.25%) is changed to new customers. Variance for new customers is around more than 3%. Where is variance of 1.25% and where is 3%. So ICICI has cheated me with these terminologies. Even the RBI is a mute spectator. I have filed complaints with ICICI and my complaint number is 12576348. ICICI is taking some conversion charge to 1% to convert to the new rates. Why should I pay 1%. Today I am ready to move SBI or some other bank, there also I have to pay 2% closure charges. So ICICI is clearly playing with the customers.

With the last hope, I have come to consumer court. Hope there is somebody in India, who can give justice to me and people like me. I have only two demands
1. Reimburse the money that has been taken in access
2. Switch me to the existing customer rate without any conversion charges

Third demand I will leave it to Consumer Court to punish people like this who are behaving like village money lenders.

Originally Posted by neelakanth.ds

Dear ConsumerCourt,
I am Neelakanth D Shigihalli and has an home loan with the ICICI. My home loan number is LBBNG00001484841. I am not happy with the way ICICI is behaving with it's customers. It is treating the existing customers as door mat while offering freebies to the new customers. I do not have any issues with ICICI giving benefits to the new customers, issue is with not passing to the existing customers who are the bread and brand ambassadors for ICICI.

I took floating rate of intrest. Floating as explained by ICICI was that it will change with the market. It was also explained that a new customer and the existing customer will pay the same rate of Intrest. I started with 9.5%, reached 13%, stayed for 12.5% for a long time and now at 11.5% (FRR - 1.25%). During all this phase public sector banks at max went to 10.5% and HDFC went to 11.5%. FRR was meant to be Floating Reference Rate and not Fraud Reference Rate. Now ICICI is not changing FRR. ICICI has fixed FRR and the variance (for me which is 1.25%) is changed to new customers. Variance for new customers is around more than 3%. Where is variance of 1.25% and where is 3%. So ICICI has cheated me with these terminologies. Even the RBI is a mute spectator. I have filed complaints with ICICI and my complaint number is 12576348. ICICI is taking some conversion charge to 1% to convert to the new rates. Why should I pay 1%. Today I am ready to move SBI or some other bank, there also I have to pay 2% closure charges. So ICICI is clearly playing with the customers.

With the last hope, I have come to consumer court. Hope there is somebody in India, who can give justice to me and people like me. I have only two demands
1. Reimburse the money that has been taken in access
2. Switch me to the existing customer rate without any conversion charges

Third demand I will leave it to Consumer Court to punish people like this who are behaving like village money lenders.

Dear Neelkanth,

We're sorry to hear about your experience.
We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Customer Service Team.

Dear ConsumerCourt,
I am Venkatesh V Rao and has an home loan with the ICICI. My home loan number is LBMUM00001610516. I do regular payment of EMI during the last 2 years and have paid even when recession was at its peak. I am not happy with the way ICICI is behaving with it's customers. It is treating the existing customers as door mat while offering freebies to the new customers. I do not have any issues with ICICI giving benefits to the new customers, issue is with not passing to the existing customers who are the bread and brand ambassadors for ICICI.

I took floating rate of intrest. Floating as explained by ICICI was that it will change with the market. It was also explained that a new customer and the existing customer will pay the same rate of Intrest. I started with 10.5% or 11%, stayed for 12% for a long time and now at 11% (FRR - 1.75%). During all this phase public sector banks at max went to 10.5% and HDFC went to 11.5%. FRR was meant to be Floating Reference Rate and not Fraud Reference Rate. Now ICICI is not changing FRR. ICICI has fixed FRR and the variance (for me which is 1.75%) is changed to new customers. Variance for new customers is around more than 3%. Where is variance of 1.75% and where is 3%. So ICICI has cheated me with these terminologies. Even the RBI is a mute spectator. I have filed complaints with ICICI and they instructed me to go to the nearest ICICI Bank branch and when I went to ICICI bank Borivili West, ICICI bank asks to pay conversion charges 1.75% to convert to the new rates. Why should I pay 1.75%. Today I am ready to move SBI or some other bank, there also I have to pay 2% closure charges. So ICICI is clearly playing with the customers.

With the last hope, I have come to consumer court. Hope there is somebody in India, who can give justice to me and people like me. I have only two demands
1. Reimburse the money that has been taken in excess for all these months
2. Switch me to the existing customer rate without any conversion charges and
3. I will leave it to Consumer Court to punish people like this who are worst than village money lenders.

Dear Venkatesh,

We apologise for the inconvenience caused to you.
We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Customer Service Team.

hey neelakanth , did u find out any way out , i am also going thru same .. my interest rates are 12%(FRR -.75) kindly guide me where shud i complaint
maj deepak

Maj Deepak,
I have switched my loan to ICICI itself for 2 years fixed at 8.75 and then floating at FRR - 3%. I am not going to leave it here. I have reported the matter highest level in ICICI. If nothing comes out from ICICI, I am going to move to consumer court and take this case to a conclusion. I am asking them to adjust my loan, since I have paid.
Switch to some other bank or switch to lower rate at ICICI by paying 1%, but join with me to fight these guys.

Regards,
Neelakanth

hi neelakanth ,
i also paid icici bk to reduce roi to 8.5% fixed for 2 yr, but they didnt gave me any thing in writing , i paid them a cheque of rs 10500 for it and they gave me receipt thats it. they didnt even telll me regarding reducing floating after 2 yrs, did u get anything in writing? did u fill up a new application, how wud u ensure that floating after 2 yr wud be frr-3%, do let me know
regards

maj deepak