ICICI Nano Car Loan — Complaint regarding Nano Loan

Dear Team,

I have been alloted Nano in the first lot itself. I had taken a bridge loan from ICICI and now I want to convert it to full one. For this I went to your branch at Delhi. Based on the particulars furnished by me, the gentleman was kind enough to announce that I am eligible for one. The first shock came with interest being charged at about 15% with SBI announcing loan starting from 8-9%. Anyways, to add to the misery he asked me to furnish details of any property under my name or my parent's name. But neither I nor my parents own one. So he said it might not be possible to get the approval on loan. Please find some of the details of self:

Working in MNC
Salary: 7 lakhs per annum
Experience: 2+ years

I have all the documents ready with me like Passport, Salary Slips, appointment letter, Driving License, Proof of permanent address etc.

Another major point is the Penalty Clause on non-approval of the loan which says that I will have to pay 5% of the total amount (1.2 lakhs) in case I am unable to take the loan. considering that interest for 1 year comes around 10k and penalty is 6k, it sounds really absurd.

This is the first time I have applied for a loan in ICICI and I guess it would be the last.

Having said that I still request you to kindly help me get an approval on the loan as I am least interested in paying a penalty of 6K with no fault of mine. I guess no one should have problem in giving a loan which is 1/7 of his yearly salary.