| Address: Mumbai City, Maharashtra |
I have a Home loan with ICICI Bank "Khayal aapka". Recently, I got a letter from ICICI bank regarding my Loan account : " LBNMU[protected]", for the revised Interest rates as my loan is under floating Interest scheme. It was a long awaited letter as the interest rates across the banking sector has been decreased. I got the letter stating that the Interest rates have been decreased by 0.25% P.A. Little, I knew that my joy will not be long lasting. When I went through the letter, it was stated that the benefit was provided to me in the form of decreasing the tenure of the loan, which is not beneficial as in the later stage if the interest rates are increased that the tenure/EMI will be increased back.
Whenever there is a hike in Interest rates, the bank increase the EMI, but why is not the same if the Interest rates are decreased. I want the EMI to be decreased and not the tenure for the same.
Pradeep Singh Negi.
ICICI Bank customer support has been notified about the posted complaint.
We are sorry to hear about your concern. Our official will get in touch with you. We appreciate your patience.
Regards,
ICICI Bank Customer Service Team