[Resolved] ICICI Bank Ltd — Penal Interest on personal loan

[Resolved] ICICI Bank Ltd — Penal Interest on personal loan

D Dilip Khabya from Pune, Maharashtra

I am employee of ICICI Bank and has taken personal loan at subsidized rate of 2.5%. As per the loan agreement if an employee leaves the organisation before completing 3 years of his services he has to pay the interest @ 8% instead of 2.5%. I have joined the bank on 07 Nov 2005, Resigned from the bank on 29 July 2008, Last working date 10 Sept 2008 (i.e before completion of 3yrs). Now there is a change in the HR policy which states that instead of 8% penal rate of interest the rate will be 15%, which will be applicable to all the employees who ahs resigned after 14th July 2008 while the loan agreement says penal rate of interest will be 8%. Now, my last working date is approaching and they are asking me to pay the difference of interest retrospectively @ 15% which is not legal & logical. The bank is thinking of making profit from each source, whether it is legal or illegal. Was this information helpful? No (0) Yes (0)
Aug 14, 2020 Complaint marked as Resolved
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Manoj Arora

from Mumbai, Maharashtra

ICICI Bank Limited — Interest on Loan

Respected Sir,

This is to submit that I had taken loan of Rs.47500.00 from ICICI Bank Limited against my Credit card A/c #[protected] dt.22.11.2006 and I have to pay on monthly installment of three years.

After about three months I deposited Rs. 20000.00 dt.6.2.2007 and Rs.8800.00 on dt. 22.2.2007, but this is a matter of surprise that in free India I have no right to deposit money between the Loan period. I asked ICICI to deduct the loan amount so that accordingly interest can be calculated. But ICICI bank informed me that I can only Clear the full amount otherwise I will not be given the credit of interest amount.

After that I approached to Respected Ombudsman RBI-New Delhi for this matter and my complaint was lodged vide complaint No.[protected] and after long time ICICI accepted the fault but partially and provide me relief of Rs. 6932.53 and they are asking me for the balance Approx 4856.00.

I am enclosing the statement of loan with interest calculation. I approached some days back to Mr. S.Krishnamoorthy([protected]@icicibank.com) of ICICI New Delhi who is handling the case for the waiver of balance amount which is actually not due but no response is received.

You are requested to please look into the matter and provide me Justice.

Thanks & Regards

Manoj Arora
700/6,U.E.-Karnal-132001
Haryana-[protected]

ICICI Bank Customer Care

from Mumbai, Maharashtra

Verified Support

Dear Manoj,

We're sorry to hear about your experience. We'll contact you and work to address your issue.

Regards,
ICICI Customer Service Team.