ICICI Bank — Predatory loans and Loan agents

Address: Pune

I am formally lodging a complaint regarding the deceptive practices used to sell me an ICICI Bank education loan. At the time of application, I made it explicitly clear that my primary objective was to pay off the loan early for tax purposes, and I requested a repayment structure that would allow me to reduce the principal immediately.

However, I was misled into signing up for a loan with a mandatory moratorium under the false impression that it offered the flexibility I required. In reality, this structure severely restricted my ability to make early payments. For over a year, I have repeatedly sought clarification on the process to prepay the loan, only to be met with evasive responses and delays while significant interest continued to accrue. I have now incurred lakhs in excess interest solely because the product sold to me was fundamentally misaligned with my stated needs. To add insult to injury, after providing no clear answers for months, the bank is now demanding I pay additional fees to 'amend' the documents to allow for the very payment flexibility I asked for in the first place.