[Resolved]  ICICI Personal Loan — False Assurance and non transparent process

Subject: Poor customer service in processing my personal loan application - # 60677473

This is to highlight the un-satisfactory service provided by ICICI DSA and back end team processing my loan application in BANGALORE
On 17th December 2008 I have filed for a personal loan with DST-2 IN Bangalore, Application form number 0301543, Collection agent name Shivaraj - Mobile Number [protected]. Following document was submitted for the same.
1. Telephone / Mobile phone bill – Current address proof
2. PAN Card photocopy
3. Company ID card photocopy
4. Three security checks favoring ICICI Personal Loan account
5. One color photograph
6. Loan application form – number 0301543
7. Details of my salary account with ICICI -
Following which a house visit was done for address verification on 19th December at my current residence in Bangalore by the DST and they also collected a second Phone bill as proof of having visited my residence. This was followed by three calls – One to my residential Landline in Bangalore, one on my mobile phone and one via the company board line. Call was made to the personal references on record for character verification as well on 22nd December. While taking the application form the sales representative asked me for my permanent address, to which I furnish the address printed on my cheque book which refers to my residential address in THANE, Maharastra, where my account is based. However I told the sales representative that I am living in Bangalore since 18 months and that I have no utility bill addressed to my Thane address the less than 18 month old. I also informed him that I am living in Bangalore since 18 months and the house in Thane is locked and there is no one resident at that location. I requested the DSA to give an alternative or consider my current address as permanent address as it was also the address on record for banking correspondence. There after I receive two SMS from ICICI bank, one on 22nd December 2008 and the second on 2nd January 2009 stating that my loan was approved stating loan application number 60677473. On 1st January I was called upon by a Male CSR offering me a life insurance to cover my loan amount for 18 months and told me that the loan was approved and will be disbursed by 2nd January. I confirmed to him that I would take the insurance cover costing me a premium of Rs 541/- and was informed that this amount would be deducted from the loan amount before disbursal. Thereafter on 2nd December a CSR by Name Indira has called me to inform that the loan is approved and that I can take un-employment and accident coverage on my loan amount for which the premium was higher. I explained that I had already been offered life insurance cover by someone the previous day and that I was not interested in taking additional cover. I was told by Indira that there is no offer to take only life cover and that I have to take un-employment and disability cover as well. To this I mentioned that I was not interested in taking any insurance product in that case and requested her to process the loan without the insurance cover. I was assured that by End of day 3rd January the loan amount after statutory deductions will be disbursed. On 4th January when I have called the phone banking department to track the loan status I am told that it has been cancelled on 3rd January, reason being permanent address not furnished. This incident has shocked me and I am very dis-satisfied with the result. First of all I have received two SMS’s from ICICI claiming my loan has been approved and further two agents call to sell me insurance products related to the loan and took confirmation from me. There after the application is cancelled without informing me of the so called discrepancy in the application. I would like to know, on what basis is ICICI communicating to me that the loan is approved when some discrepancies exists in the application (Discrepancies according to ICICI)? Secondly, if there are discrepancies, why was this not communicated to me to guide me how it could be solved ? The reason stated for rejection that - permanent address was not furnished is inappropriate. When I presented the address on record and on my check book to the sales agent, he refused to take it saying that he needed an address where someone resides as a visit would be made. I fail to understand, how I can be present in two cities for the verification process. My address in Thane, Maharastra is where my account is based and since I am living in Bangalore for the last 18 months, that house is locked up and no family member resides in that house. In which case I asked the sales representative to consider my current address as the permanent address since all banking correspondence was also being redirected to my Bangalore address since 6 months. However this was not followed up by your agents and the application has been rejected for lack of permanent address. I am un- happy with the result of this exercise, not once was I contacted to be informed of this requirement and falsely assured of the approval by three different people when the banking procedure was not completed in the back end. Based on the information from ICICI representatives who called me to confirm the loan was approved, I have made my own personal commitments which are now un-fulfilled. Kindly record this matter as an escalation from my side on this matter. Being an existing ICICI customer I fail to understand why ICICI could not accept the address on record as my permanent address. Or at least consider my current mailing address as the permanent address to delegate the matter. Also I feel that ICICI is not transparent with their marketing schemes and has misled me as a customer on the pre-approved loan strategy, I fail to understand how a representative of ICICI can communicate to me the loan is approved and inform me that it will be disbursed and then the application can get cancelled without my notice. I am being told that if I want a lon, i must repeat the entire process again. THIS BANK IS UN-PROFESSIONAL AND A GIVES CUSTOMER'S FALSE ASSURANCES.

I have sent email through my bank online account login and no one has called.