[Resolved]  ICICI Bank — The Great Home Loan interest rates Trick

hi
i`m shankar

i had tacken 2 weeler loan in your icici bank in year of 2005,
my loan a/c no - LTBNG[protected]. BYKE NO - KA03 ET-4676,
the loan amount was arround 65k,
i made all the payment(emi), in 12 months,
now they are saying on more emi is pending Rs, 4650, + intrest, and they had taken my byke,
now they are asking me to pay 11, 000. what should i do now, only for one month EMI i have to pay this much of amount? (Rs.11, 000), and i dont have this much amount. PLEASE DO THIS FAVER TO ME.


REGARDS
SHANKAR SP

I agree with article to the fullest.. I took the ICICI loan and now the interest rate is 11.5 (even after twice in the loan tenure i have paid 5000 to reduce the interest rate, without that it would have been 12.75).

I have therefore never ever recommanded anyone ICICI bank. I do believe ICICI is the most un-ethical bank i have ever banked with. they will show the carrot and then once hooked will exploit to the fullest. I am about to take the second home loan and this time i have even bothered to ask/enquire about the ICICI offfer, simple reason I am more than confident that they will cheat their customers again and again. Now i will be there new customer but after year or two i will the "unfortunate Loyal Customer".

Take any example, remittance they are the the one who offered the least exchnage rate but their advert is the most beautiful especially with Shahrukh.

I have prepaid the ICICI bank loan on 4th July 2008 as a takeover from India's leading public sector bank SBI. Though the amount was paid the original documents are yet to be received by me. Repeated queries at the customer care and the branch franchise I learned that the last four EMI's which were paid in the form of SBI PDC's have not be received by them. The last four PDC's have been cleared from my end and also my bank's end, but don't know where this funds are parked and misused. No body is responsibly answering my questions. Hence kindly let me know how to go about it, since there is no way beyond the customer care to contact a ICICI official, from whom I should clear this loan to get back my documents. Kindly help me to know th route to find it out at the earliest.

ICICI Bank — NEVER TAKE A HOME LOAN FROM ICICI BANK LTD!!!

ICICI Bank will always offer the lowest rate in the market for new customers and as such they gain the maximum market share since a lower interest rate easily attracts customers since its a life time investments for most and even a small difference in the interest rate makes a BIG difference.

The interest rate is pegged to a PLR (Prime Lending Rate) so they usually offer a higher discount to the PLR to new customers and therefore resulting into offering a lower interest rate than the market.

Once the customer has availed of the loan, thats when the real story unfolds. For a floating interest rate loan, the PLR only goes up and never goes down!!! At the slightest tightening of the CRR or SLR, the PLR is increased and as such your floating interest rates increase. Not much can be done by the customer since the PLR has gone up and discount %age from the PLR is constant or fixed as per the agreement.

But whenever the interest rates in the market go down in the market due to the liquidity increase or other factors, the PLR remains constant but the discount rate for ONLY the new customers is increased as such bringing the effective rate of interest for them lower than what the older customers are paying!!!

So many time you will find, as a old and loyal customer, you are paying almost 4% higher ROI than what a new customer is paying to teh same bank for the same loan.

Also, since there are penalties involved with prepayment and also, reluctance of customers to change banks due to the large sums of money involved with home loans, the customer keep losing Large Amounts of money due to this cunning strategy of the Bank!!!

NEVER TAKE A HOME LOAN FROM ICICI BANK LTD!!!

How to get out of this mess? Can anyone take this matter to court ?

Home Loan from ICIC Bank, Car loan from ICICI Bank, Personal loan from ICICI Bank or any dealing with ICICI Bank.

Warning- do not take any loan from ICICI Bank. Taking loan from ICICI bank is like inviting the shark to bite you hard. This is one large cheat bank. They make fool of customers by offering attractive terms and then as soon as you have signed the agreement, the arm twisting starts. Beware of ICICI Bank ! They are the modern day ' kanhaiya lals'. They truly deserve a hard beating and its not far away. Very soon this bank is going to realise how agonising it has been for their loan customers...

i agree frens,
this bank is modern day "kanhaiya lal" who is duping us at every stage of life.
what i want is we ppl to get united and raise our voice against this piece of crap.

just let me know who all are ready for this .

Yes i agree. ICICI bank's strategy is cheat the users as much as you are allowed due to loopholes in the regulation.. initially you may think its a good bank when its offering loans at low rates. however soon it will hike them and sustain them at higher levels than other banks to rob you of your money.. Look at present.. Bank of Baroda is offering loans at 8 percent and do you know how much icici bank is charging...13.5 percent from existing customers.. the question is what can we do about it except spreading public awareness?

icici most unethical bank.most unreliable bank.