This is regarding my request which was placed on 17th April 2010 to ICICI bank-Chinchwad Branch-Pune. According to the ICICI bank call center If I go and visit the Branch before 18th of any month, my request will be actioned effective next month. But this was not the case. Several call are made for follow. Also visited the branch thrice, but the bank is just playing with the words.

I had placed two requests on 17th April 2010

Request 1: To reduce the rate of interest effective from May 2010 (from 11.25% to 08.75% after paying fees of Rs.3310/-)

Request 2: To increase the EMI amount from Rs.17000/- to Rs.21000/- effective May 2010.

Both the above request was submitted with necessary documents. I was ensured the both the request will be actioned effective May 2010. Also I was ensured by Bank Manager that I need not follow up. The Branch Manager also stated “If follow up is required then we are not doing our job”. I was happy to hear this statement because it gives us a satisfaction that your query will be resolved soon, but invain. Inspite of ensuring, my rate of interest is reduced with effect from June 2010 and not from May 2010.

Also request 2(Increasing of EMI) is actioned with effective June 2010-and not from May 2010


Also one more feedback, once a customer calls to the call center, we are not given proper information. Ideally the Bank and call center should speak parallel about the procedures to be initiated. I was never told by call center to carry last 3 months salary slip, 3 months bank statement and an application letter stating as to why I need to increase my EMI. I had to visit the bank twice just because call center never specified about these requirements, moreover even 100 Rs stamp paper was required which was told to me in my third visit.
Moreover, To reduce the rate of interest the customer is asked to make the investments of Rs. 20,000/- along with certain fees. When I said that I need on invest in ICICI prudential, I was said that no, it is compulsory to make the investment in order to reduce the interest rate. I didn’t found this scheme worth, hence went to Bank Manager. After escalating the matter the Bank Manager instructed the office to reduce the rate of interest by just paying the fees, I was not required to make any investments. I do not understand as why such procedures differ from person to person. This example shows as to how ICICI bank is make fool of their customers.

No complain against the Bank Manager. I was happy with the way he supported me, but I am not happy the way procedures are in place. One has to face a lot of problems, visiting the bank again and again. Also if someone is ensured, then that particular activity should be actioned within the said deadline which is not done in my case.

I have also raised a complain. The complain id is 139069514. Also email was sent to customer care. But did not receive satisfactory answer.
The answer was as below

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Dear Mr. Guwalani,

We understand your concern and regret for the inconvenience caused to you.

We understand the issues that you have raised in your e-mail and have initiated action to ensure that such lapses do not recur.

We have made a note of your suggestions and forwarded it to the concerned authorities, who can implement the changes.

We focus considerable effort on training our staff to ensure high levels of service and we shall further strengthen our initiatives in this direction based on your feedback.

We would like to inform you that the request for conversion given by you in April 2010 is effective from May 2010, however as the EMI for May 2010 is payable in June, you will observe that the June EMI is calculated at new rate of interest i.e, @ 8.75%.

Further, we have registered a request addressing your concern regarding the increase in Equated Monthly Installment (EMI) through Service Reference SR139194854.

We will revert back to you by May 03, 2010.

Sincerely,

Sreelakshmi Manchoju
Account Manager
ICICI Bank Limited
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++ +++++

I have done the calculations on the home loan amortization sheet, I will be in loss of approx Rs. 5000/- if the rate of interest is calculated from June 2010.
The above answer is just to make the customers fool of it. I was clearly today that the change will be made effective May and not in June.
They tried to just make me run again and again to branch and make several calls.


Also today i.e. 07th May 2010, I received a call from Mr. Ravi-Home loan department that I need to pay Rs.4000/- if I want to have effective month as May 2010 and not June.
This is really ridicules.

This was going above my nerves, hence raising this issue to consumer court. I will also update the RBI bank as well and wait for the justice.

Thanks and regards,
Ravi Guwalani

Hi Ravi.

We have duly noted your grievance as well as your complaint ID. We'll contact you and work to address your issue at the earliest.

Regards,
ICICI Bank Customer Service Team.

Originally Posted by Ravi Guwalani

This is regarding my request which was placed on 17th April 2010 to ICICI bank-Chinchwad Branch-Pune. According to the ICICI bank call center If I go and visit the Branch before 18th of any month, my request will be actioned effective next month. But this was not the case. Several call are made for follow. Also visited the branch thrice, but the bank is just playing with the words.

I had placed two requests on 17th April 2010

Request 1: To reduce the rate of interest effective from May 2010 (from 11.25% to 08.75% after paying fees of Rs.3310/-)

Request 2: To increase the EMI amount from Rs.17000/- to Rs.21000/- effective May 2010.

Both the above request was submitted with necessary documents. I was ensured the both the request will be actioned effective May 2010. Also I was ensured by Bank Manager that I need not follow up. The Branch Manager also stated “If follow up is required then we are not doing our job”. I was happy to hear this statement because it gives us a satisfaction that your query will be resolved soon, but invain. Inspite of ensuring, my rate of interest is reduced with effect from June 2010 and not from May 2010.

Also request 2(Increasing of EMI) is actioned with effective June 2010-and not from May 2010


Also one more feedback, once a customer calls to the call center, we are not given proper information. Ideally the Bank and call center should speak parallel about the procedures to be initiated. I was never told by call center to carry last 3 months salary slip, 3 months bank statement and an application letter stating as to why I need to increase my EMI. I had to visit the bank twice just because call center never specified about these requirements, moreover even 100 Rs stamp paper was required which was told to me in my third visit.
Moreover, To reduce the rate of interest the customer is asked to make the investments of Rs. 20,000/- along with certain fees. When I said that I need on invest in ICICI prudential, I was said that no, it is compulsory to make the investment in order to reduce the interest rate. I didn’t found this scheme worth, hence went to Bank Manager. After escalating the matter the Bank Manager instructed the office to reduce the rate of interest by just paying the fees, I was not required to make any investments. I do not understand as why such procedures differ from person to person. This example shows as to how ICICI bank is make fool of their customers.

No complain against the Bank Manager. I was happy with the way he supported me, but I am not happy the way procedures are in place. One has to face a lot of problems, visiting the bank again and again. Also if someone is ensured, then that particular activity should be actioned within the said deadline which is not done in my case.

I have also raised a complain. The complain id is 139069514. Also email was sent to customer care. But did not receive satisfactory answer.
The answer was as below

++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++ +++++++

Dear Mr. Guwalani,

We understand your concern and regret for the inconvenience caused to you.

We understand the issues that you have raised in your e-mail and have initiated action to ensure that such lapses do not recur.

We have made a note of your suggestions and forwarded it to the concerned authorities, who can implement the changes.

We focus considerable effort on training our staff to ensure high levels of service and we shall further strengthen our initiatives in this direction based on your feedback.

We would like to inform you that the request for conversion given by you in April 2010 is effective from May 2010, however as the EMI for May 2010 is payable in June, you will observe that the June EMI is calculated at new rate of interest i.e, @ 8.75%.

Further, we have registered a request addressing your concern regarding the increase in Equated Monthly Installment (EMI) through Service Reference SR139194854.

We will revert back to you by May 03, 2010.

Sincerely,

Sreelakshmi Manchoju
Account Manager
ICICI Bank Limited
++++++++++++++++++++++++++++++++++++++++++++++++++ ++++++++++++++++++++++++++++++++++++++++++++++++++ +++++

I have done the calculations on the home loan amortization sheet, I will be in loss of approx Rs. 5000/- if the rate of interest is calculated from June 2010.
The above answer is just to make the customers fool of it. I was clearly today that the change will be made effective May and not in June.
They tried to just make me run again and again to branch and make several calls.


Also today i.e. 07th May 2010, I received a call from Mr. Ravi-Home loan department that I need to pay Rs.4000/- if I want to have effective month as May 2010 and not June.
This is really ridicules.

This was going above my nerves, hence raising this issue to consumer court. I will also update the RBI bank as well and wait for the justice.

Thanks and regards,
Ravi Guwalani

i,

As a fellow consumer, I need some help. I had a home loan from Deutsche Postbank home finance limited and i was pissed off with their high interest rates. It created a lot of problems. IF I did’t do anything, I had to bear very high interest rates. When I tried to discuss this with bank, they asked me to pay 41000/- rs (1.5% of principal outstanding) for reducing the rates. Also, there was a prepayment penalty being imposed on me by bank in case I decide to switch over to another lender offering me lower interest rate which was a restrictive trade practice. SO, IT was a three way loot. I decided to move out and then filed a consumer court case against them. To my surprise, in their reply submitted to the court, they have told that they were not giving loans at lower rates for the new customers. I need your help in nailing their lie. I will be really thankful if someone who had availed loan from them in Oct-Dec'09 time frame and come forward and send me the ROI with their file numbers so that i can quote them in my reply. Thanks a lot for all your help in advance. You can send email to me on tiwari.shishir@gmail.com and call me on 9901445000.

Interest Rate Increase

I had taken ICICI Home Loan in Nov 2005, when i had taken the loan the ROI was 7.5% in a span of 6 months the ROI increased to 8% in within a period of 6 years the ROI reached upto 13% when I visited the branch for foreclosing the loan as i want to transfer the loan to other bank. They said you make a payment of 0.5% of out standing amount n we will revise your ROI to 8.75%, and no guarantee if the ROI will increase again or reduce

They are not using Base rate formula and apply dual policy for current loan holder and for new home loan customer