ICICI Bank — Personal Loan Cancellation Request

Hi Team,

On 29th September, I had availed pre-approved personal loan of 5.55 Lakhs from icici bank through paisabazaar website.

Since I was not convinced with paisa-bazar representative's service post disbursal of loan amount, I tried reaching out to my ICICI Relationship Manager on the same day i.e. on 29th September (Ranjitha.S provided in ICICI bank app) through an email to her ICICI bank id . Due to the current covid situation, I wanted to avoid a physical visit to the branch office.
Also I tried her number which was switched off continuously for 2-3 days. Then I tried calling icici bank care number and Mangalore main branch number but no one attended the call.

Finally, I had to take a day off from work and travelled 30 km to the branch office just to cancel this loan on 8th October as I did not withdraw any amount from the loan account.
( I hope team understand the tedious process of getting unplanned leave approval in corporate offices. )

I explained the case to Branch Manager(Prakyath Shetty). He told he will work with Personal Loan Regional Manager(Hemanth Kumar) on the same and get back back to me. No written acknowledgement was given by branch office on the request I raised. I am surprised by this as this is not the professional way of handling customer's request or concerns.

Next day, I was told by Branch Manager(Prakyath Shetty) and Regional Manager (Hemanth Kumar) that a loan cancellation request can be accepted only within 3 days of loan sanction. But this clause wasn't mentioned either by PaisaBazar or in the ICICI loan agreement document that I received. Later they dragged the issue for next 5 days with no valid resolution.

Finally I submitted an email complaint with all necessary proofs to ICICI BANK on 13th October.

Reference ID - 000TKaFRAFU03HM7:Personal Loan Cancellation Request

Listing out my key concerns regarding the loan cancellation process.

* I tried reaching Relationship Manager on the same day of loan disbursement through both email and phone but did not receive any response and no one was attending customer care number / Mangalore branch office number to guide me on the process. Is it not the bank's responsibility to ensure RM is reachable for customer's needs?

*There is no mention of maximum time limit for loan cancellation after loan disbursement anywhere in the loan agreement document . I came to know about this 3 day window period only when I visited the Mangalore branch office. Is it not the bank's responsibility to mention this loan cancellation window period in loan agreement and disclose it to the customer? This shouldn't be a surprise to the customer when he visits the branch office for cancellation.

I am requesting your assistance to close my personal loan at the earliest possible.

Regards
Dinesh