I am an ex employee of ICICI Bank, as an employee benefit ICICI Bank provide loan upto 5 lac at 2% interest rate for which they deduct Rs. 5000/- as EMI from salary with a clause that if you leave before 3 years then you will be charged 20% interest rate.
I have taken a load of 5 lac rupees in November 2007 for my sister’s marriage which I have planned to pay while working with ICICI Bank but unfortunately after working there for 11 months they did a reference check(Rescission layoff) in which they found out that my previous employment duration was incorrect for which I have already written apology letter but they terminated me on August 2008 and asked me to immediately pay the entire amount remaining 4.64 lac along with 20 % interest charges.
Since I was terminated and because of recession I remain unemployed for 1.5 yrs and failed to repay the loan amount.
I got mentally & financially crashed, career and family life got ruined. I have even written mails to Head HR of ICICI Bank Mr Ram Kumar, requesting him to consider my financial condition and allow me to repay on EMI and waiver of interest amount but no one reverted to my mails. Six months back I got a job with a very meagre salary through which I am surviving my family.
Now after almost 2 yrs they have given this matter to a recovery agent and that person is harassing me by threatening calls and visiting to my house to threaten me and my wife. They are even threatening me to inform my current employer where I am working as a fresher. I don’t have any property to sell or any other mean to repay the amount. I have requested ICICI bank recovery dept. to consider my case and help me by settling the loan but they are rigid on their decision of full principal repayment along with interest for 2 years.
I know I had done few mistakes and had suffered a lot because of them but please help me by suggesting any way out and what could be the consequences of not paying employee loan.
It’s a matter of life & death.

Hello,

I am also facing the same problem. Daily harassed by the bank staff and also by the recovering agents visiting home and threatening to file a case.

I am asking them to give me monthly installments for which they are replying stating that they do not have such policy.

Since the outstanding amount is huge with penalty i an unable to repay at one shot.

Seniors and experts please guide me accordingly what has to be done. You can revert for my mail id 2states8685@gmail.com

This is not icici bank`s mistake..

This Organisation harass the employee too much.

They take the work after working hour even your time is over they force the employee to stay at office.
They do start the meeting after working hour at 8 pm night and dnt see that there is a female staff also they start meeting and continue it with 11:00 pm at night they shout on employee for sales employee get frustrate if an employee make a voice against it they make a huge pressure on him and call him in cabin after each hour in working day and they ask for sales they play the politics with junior level employee and keep them on same desk they dont want to make learning in employee. the employee get frustrate while working on same desk for three or five year his niether he get the knowledge nor he grows.

Total = employee get frustrate + he go comes at office at time and goes home at 11 pm + employee cant look after the family + long working hour impact on health + no knowledge + no learning+ no money.

Just rubbish.....