ICICI Bank — Preclosure charges

ICICI Bank — Preclosure charges

G Ghazala Jamil from Powai, Maharashtra

I have been charged a hefty preclosure charge even though I am eligible for a waiver. I have paid 20 EMIs and I made the pre-payment of the loan from funds in my savings account. ICICI website on a page pertaining to Service Charges and Fee for Personal loan, says: "The waiver, if any, of the prepayment charges will be applicable provided: The customer has paid 12 or more EMIs and The pre-payment of the loan is done using customer's own funds (Waiver on pre-payment charges is not applicable in cases of balance transfer)". I have raised complaints many times but no positive reply. Once again request you to please waive off the prepayment charges as per your bank's own rules and refund the same to my account. It is highly unprofessional of your bank to not follow your own rules. Was this information helpful? No (0) Yes (0)
ICICI Bank customer support has been notified about the posted complaint. Verified Support Nov 29, 2020 ICICI Bank Customer Care's response Dear Customer, We regret the inconvenience caused. We request you to email us your concern with your contact details on [protected]@icicibank.com. Please mention the UID (a17vrx) in the subject line of your email. Our official will assist you. Regards, ICICI Bank Customer Service Team Nov 30, 2020 Updated by Ghazala Jamil I have written several times to your customer care and received negative responses. But I will write again and update here as to what kind of response I get. Dec 18, 2020 Updated by Ghazala Jamil I again got a negative reply without any explanation. Dec 18, 2020 Updated by Ghazala Jamil I have written many times to ICICI bank customer care and always got a response from them saying that pre-payment charges cannot be waived. But they give absolutely no reason whatsoever why pre-payment charges waiver is not applicable to my loan even though their own rules say, "The waiver, if any, of the prepayment charges will be applicable provided: The customer has paid 12 or more EMIs and The pre-payment of the loan is done using customer's own funds (Waiver on pre-payment charges is not applicable in cases of balance transfer)". My complaint remains unresolved. Either I should get a waiver and refund of the pre-payment charges I was made to pay, or I should get a proper explanation for why the waiver was not applied to my loan. Dec 31, 2020 Updated by Ghazala Jamil Despite my repeated complaints no satisfactory explanation is forthcoming from the icici bank.
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Ghazala Jamil

from Powai, Maharashtra

I have written many times to ICICI bank customer care and always got a response from them saying that pre-payment charges cannot be waived. But they give absolutely no reason whatsoever why pre-payment charges waiver is not applicable to my loan even though their own rules say, "The waiver, if any, of the prepayment charges will be applicable provided: The customer has paid 12 or more EMIs and The pre-payment of the loan is done using customer's own funds (Waiver on pre-payment charges is not applicable in cases of balance transfer)".

My complaint remains unresolved. Either I should get a waiver and refund of the pre-payment charges I was made to pay, or I should get a proper explanation for why the waiver was not applied to my loan.