[Resolved]  ICICI Auto Loan — Loan application process is over a month and a half

Address:

Mumbai Suburban, Maharashtra

In March of this year, I booked a motorcycle, a harley-davidson. The dealership, Seven-Islands Harley Davidson at Bandra in Mumbai, said financing will be handled by ICICI bank, and true enough, a couple of days later, I was put in touch with this fellow called Mr. VIkas Ojha. He asked me for the paperwork required, and I presented it, and the loan application process seemed like a breeze at the start. The assurance, coming in the first week of april, was that the loan would be processed in about 5 working days, which would've pushed it to the second week of april. Two weeks later, here's the story that happened. I have been appalled and disgusted at the lack of interest shown by everyone part of the loan process, except maybe for the enthusiasm shown by the loan officer.

-- First, I am going to tell everyone a little bit about myself. I am a Post Graduate, with a Masters in Science in Computer Science, from a reputed institute in New Jersey. I've been working in Information Technology for close to 7 years, and have lived in the US for about 6 years. I work with a multinational corporation, based out of Mumbai, and have been with this organization for close to a year now. I have a steady paycheck, with a package in the 10-20 lakh range. I have had one other job before this, where I worked for over 3 and a half years. Sounds good for stability?
-- The loan amount being asked for was somewhere in the range of INR 600000 for a 48 month term, which isnt much, considering that I make more than enough money, and have no outstanding loans as on date. Sounds good for credit?

After the initial application process, I didnt hear back from anyone for about a week. A week later, one of their verification officer called and asked me for directions to my residence. A Mr. Shakeel. After I finished giving him directions, he asked me to tell the bank that the verification was done, and he will not be showing up in person. Verification of my permanent residence, was carried out by another person, that called me, asked for directions, and didnt find the place, and to my shock, as I found out later, didnt even have the courtesy to call me. Both these guys, then submitted a negative verification for my residences. That was a bit of a shock. That lead to my application being rejected.

Post that, VIkas himself came up and verified my residence, and confirmed that the visit was done, and will be handled by the credit team in due course. After that day, everyday was a "will be done by tomorrow" kind of a follow up. Which has lead to me writing this in sheer frustration. Today was the day I was "assured" of a decision, which shockingly, hasnt come.

My advice to ICICI at this point would be the following.
-- Make your loan process a little more involved. There should be a file number given to each consumer, so he/ she can check status online, or over phone.
-- If products like Harleys, are considered premium segment, and are not meant for common people like me, please be up-front about it, and dont waste our time. Believe me, my time is more valuable than a Sanjay Dutt, because I have to work for my money.
-- If you are not making a decision, or delaying it, please keep a point of contact that proactively informs the consumers about it. Dont have them spend time out of their busy schedules hunting you down.

I am going to look at options for filing claims for grievances caused. In the meanwhile, any consumer that might stumble across this complaint, please be wary about giving business to these guys, if you value your time and sanity.

Thanks
Ram Hariharan