Reserve Bank Of India [RBI] — Icici personal loan dispute

Address:

Bangalore, Karnataka, 560100

Respected Sir/Madam


My ICICI personal loan account number is - LPBNG[protected]

This is regarding ICICI personal loan dispute


I got a call from ICICI bank tele-caller (later came to know that they are ICICI agency Finance budda; but they
introduced themself as calling from ICICI) for any personal loan requirement.

I was in need of 2 lach rupees personal loan. They said that if I go for my other personal loans balance transfer, I shall get
all amount at the rate of 11.99%. I was not aware of balance transfer procedure; they explained it is hassle free, no need
to visit any banks. they only will do the balance transfer internally and there will not be any additional charge from any of the
banks. Since this deal is good for me as rate of interest is getting reduced from other banks interest 14.5% to 11.99% and
I am getting 2 lach rupees cash. I requested 36 months tenure as my other loans are pending for another 24 months.

After the papers process, I got a mail from ICICI to confirm my official address. While replying to that mail, I had
provided my details and asked ICICI to provide the loan details including total loan amount, rate of interest, EMI details
and balance transfer procedure. Also I written a mail to Finance budda asking the above details and specifically mentioned
them not sanction the loan until provide all my required details. Nobody listened my request, but ICICI sanctioned the loan
and send a mail stating tenure is 60 mmonths (instead of 36 months) and rate of interest is 12.99% instead of 11.99%.
They did not mentioned about balance transfer. After a week or so, I got a call from finance budda saying my
bajaj finance loan got balance transferred but for HDFC and HBD loan balance transfer I have to visit the branch.

After that I did not get any more details from them, no responce to my phone calls also.

Then, I visited to ICICI branch at Bommananhalli, Bangalore and identified Mr.Rakesh who is incharge of taking care of
finance budda agency.

He said, that I need to meet Harish in finance budda. Then I contact him, he asked me to talk to Dharmesh in his office.

After several followup I was able to get their responce and appointment and visited to their office.
They said that I need to visit HDFC and HDB to close the personal loans (balance transfer) and there will be pre-closure charge
is applicable at those banks. I was totally shock, initially I several times asked finance budda tele-marketing person
there should not be any charges for this balance transfer from any of the banks, she assured that. Now Dharmesh said
we can not do anything. By the time, the cheques he had at his office was expired. Rakesh told to DHarmesh to come to ICICI
to collect new cheque next week. Meanwhile I raised complaint to ICICI customer care. They asked me to wait for a week.
I did not get proper responce then I started followup ICICI customer care escalation matrix ; they had 3 or 4 level escalations
I sent many mails to each level of escalations, they used to asked me to wait for 10 days, and finally they will reply
saying contact Rakesh for further discussion; I had already met Mr.Rakesh, he always says, we can not do anything.
you have to pay pre-closure charge to other banks; we can not reduce rate of interest; we can not change tenure to 36 months.
He is not accepting ICICI, finance budda side mistakes instead he is forcing me to continue the loan whatever they decided.

If they responded me back at the beginning itself with the details, I could cancel the loan within 15 days time; but they did
not responded in time as well as properly.

Now I am paying EMI to ICICI, HDFC and HDB; but still HDFC and HDB loans are not closed.

And there will be heavy interest I am paying to all the banks and the money is not at all used properly; it is there with ICICI


SO I am helpless from ICICI side; at all level of escalation at ICICI, everybody keep ask me to wait for 10 days, then they
will ask me to contact Rakesh; he does not have any resolution or not ready to listen actual problem.


As per ICICI site, if ICICJ escalation team is not able to solve the issue, I can take the matter to RBI

SO, I got this details and sending this complaint against ICICI.

KIndly do the needful.

My ICICI personal loan account number is - LPBNG[protected]


Thank you
Vadivel
[protected]@cisco.com
[protected]@hotmail.com