Originally Posted by opmishra

Hi,

I have taken home loan of 32 lacs @7.25% interest rate in 2005. In last 5 years there has been tremendous fluctuation in the interest rate. Given the pattern of changes, it is obvious that MY interest has NOT been taken care of and the effort by ICICI is to squeeze maximum. Also, the changes are NOT with respect to RBI norms as i got it checked with other banks. In 5 years, i have paid back more than 10.5 lacs and my principal remains at the same level with about 60 thousand less. This is definitely not acceptable. NO Bank on the planet does this. I have checked with multiple renowned banks in India. I have obviously been cheated as whatever i pay goes 90-95% to interest to feed ICICI and 5-7% to my principal.

I met one branch manager at a Bangalore branch, which happened to be useless answer on my queries and despite promise did not even bother to call back. As a Customer of a Bank who claims to be "Customer First" and other rosy slogans for Indian Citizens...May I request the authorities in ICICI bank to answer and work upon the following:

1. Why un-productive and un-responsive people has been deployed to deal with Customers

2. Why ICICI bank does not follow the RBI guidelines. If ICICI think they do, please compare my account interest month-wise and put FRR and PLR aside, you will come to know that you have not followed RBI guidelines in my case.

3. Who can correct the interest and principal component revision in my account since beginning and let me know what is the outstanding today. This division is definitely not consistent.

4. What compensation ICICI will provide for having done the inflated calculations and customer-squeezing EMI calculations.

I would wait for the response from a responsible manager of ICICI bank on this and would we willing to exercise all possible options to get the matter resolved.

Hi,

We're sorry to hear about your experience.

Please write to us with your contact details and loan account number at care@icicibank.com (Subject line: UID 167229). We'll contact you and work to address your issue.

Regards,
ICICI Customer Service Team.