[Resolved]  ICICI Bank Personal Loan — FALSE COMMITMENT AND CONVERSION OF PERSONAL LOAN TO CREDIT CARD

IN 2008 ICICI BANK CONTINOUSLY GAVE OFFERS ON MOBILE PHONE THAT I AM HAVING GOOD TRACK

RECORD IN ICICI BANK SO THEY ARE OFFERING LOAN TO FEW CUSTOMERS ALL OVER INDIA AND I AM ONE

OF THEM. AFTER CONTINUOUSLY REFUSING TELLING THEM I DO NOT HAVE ANY REQUIREMENT FOR 8 TO 9

TIME THEY TOLD ME YOU CAN TAKE THE LOAN AND INVEST ANYWHERE YOU WANT, AND THERE WILL BE NO

ADDITIONAL CHARGES AS SUCH EXCEPT EMI AND CONFIRMED EVEN IF SOME INSTALLMENT IS MISSED YOU

CAN PAY TWO EMI AND NO OTHER CHARGES THEN ON 10 TH TIME I ACCEPTED THEIR OFFER AS PERSONAL

LOAN FOR RS.252000/- AND INVESTED IN SHARE MARKET WHICH UNFORTUNATELY WENT DOWN
AFTER TWO MONTHS I CAME TO KNOW THAT THEY HAD CONVERTED THE LOAN INTO AN CREDIT CARD AND

ALL THE CHARGES OF CREDIT CARD THEY ARE GOING TO CHARGE ON THE LOAN ACCOUNT I MISSED ONE OF

MY INSTALLMENT AND THEY STARTED CHARGING LIKE A CREDIT CARD ADDITIONAL SERVICE TAX,

ADDITIONAL INTEREST CHARGES AND ADDITIONAL LATE FEES WHICH WAS EQUIVALENT TO 25-30 % OF THE

INSTALLMENT, WHILE GIVING THE LOAN ON PHONE THEY HAD TOLD ME NO ADDITIONAL CHARGES WOULD BE

THERE IN ADDITION TO THE INSTALLMENT EVEN IF I MISS ONE INSTALLMENT NEXT MONTH I HAVE TO

PAY TWO INSTALLMENT THIS WAS CLEARED BY ME OVER PHONE BEFORE ACCEPTING THE OFFER.

AFTER SEEING THIS CHARGES ISSUE I CALLED UP THE LOCAL BANK BUT THEY TOLD ME YOU WILL HAVE

TO PAY THE ENTIRE CHARGES WHATSO EVER ARE CHARGED, AND IF I WANT TO SETTLE DOWN I NEED TO

WAIT FOR 4-5 INSTALLMENT TO BOUNCE AND THEN WHEN THE CASE GOES IN THE 4 TH OF 5 TH BASKET

THEN SETTLEMENT CAN OCCUR THAT TOO IF I PAY THE ENTIRE AMOUNT IN ONE SHOT IF I WOULD HAVE

BEEN HAVING SO MUCH MONEY WITH ME WHY I WOULD HAVE GONE FOR THE LOAN AMOUNT...

NOW THE LOCAL RECOVERY AGENTS[protected], 4011654 RAJESH PARIHAR AND TEAM) ARE COMING TO

MY RESIDENCE AND USING ABUSIVE LANGUAGE ON PHONE AND THREATNING CALLS ARE MADE FROM THEIR

LOCAL AGENTS.

I HAD VISITED AGAIN THE BANK THEY SAY THAT THE AGENTS WILL CONTINUE WITH WHAT THEY ARE

DOING UNTILL I PAY THE WHOLE AMOUNT.

I WANT TO PAY THE INSTALLEMENT PART APART FROM THE INTEREST CHARGES AND LATE PAYMENT FEES

AND ADDITIONAL SERVICE TAX WHICH WAS AGREED DURING ACCEPTANCE OF LOAN. OR WANT TO SETTLE

DOWN THE ENTIRE AMOUNT WITHOUT THE SAID CHARGES IN FOUR INSTALLMENTS WITH A GAP OF TWO

MONTHS EACH SO THAT I CAN ARRANGE FOR THE MONEY.

KINDLY GUIDE IN THE MATTER.