Written to you about your technicals..dont worry it can be resolved.
my name is suman roy resident of delhi. I have taken a personal loan of rs 74907 from icici bank. The rate of interest is 23% reducing and the loan term is for 36 months of equated emi's of rs 2902. I had taken this loan on jan-09 and it is supposed to be end by december-11, i have been paying the equated emi's regularly except 3 cause of job loss, so far i have paid them 23 emi's. Now i want to settle my account and asked for an account statement and a settlement letter. I was shocked to see that still the principal amount is 33313. I read the account statement and was surprised to find that i have paid more of interest and less of principal amount. According to the statement i have only paid rs 41654 as principle amount and rs 24575.27 as interest in 23 emi's which is 86.60% of the total interest of rs 28380 which i would have to pay if i were to continue to the the end of the loan term. This is just not a fair practice. By undertaking this practice the customer can never be in the benefit of closing the loan at the earliest. Cause every time he would be paying more of interest and less of principal amount. If this is what fair practices approved by our law then customers will never be able to recover from loans at the earliest. It is a human nature that whenever there is debt on him/her then he/she will always try to get rid of the loan at the earliest. However, the kind of practices that banks are being undertaking will never make a human being come out of banks loan at the earliest.
I am surprised when i asked a couple of senior people of icici bank that if this is what icici boast of servicing their customers and the reply was a blunt yes. They just want to get as much interest as they want. They don't even consider that the rate of interest which they have offered to me is already 23% which is way way above what other bank charges on personal loan and on top of that they make it so complicated and manipulated by their calculation that a person can never be able to pre-close the loan.
I am really hoping for a kind help on this matter. And i am sure there are other people as well who are undergoing the same thing.
Looking for a hearing from you.