# ICICI Bank started charging interest on my loan even without disbursing loan. Same practice followed as standard as per the ICICI authorities.
# ICICI tampered my post dated EMI cheque, just to make me a loan defaulter, which I was never. In fact, as soon as my issuing bank informed me of the tampered cheque coming for clearance, I deposited another one to ICICI Bank to make sure ICICI does not mark me defaulter. ICICI still has not returned the tampered cheque, which can get it into major legal trouble.
# ICICI adopted different means for increasing and decreasing ROIs, although the ‘PLR’ only should be used (per RBI) as benchmark rate for any net rate of interest (ROI) changes. Uses PLR for increase, and uses ‘Margin’ for decrease, thereby not passing any benefit of decrease of ROI to any customers.
# Adopted multiple ‘PLR’ benchmark rates for same floating rate loan product. Introduces new, and phases out old ‘PLR’ names to mislead borrowers and continue the illegal practice forever for using different means for increasing or decreasing floating ROI.
# Slaps penalties on borrowers for own delay in presenting post-dated EMI cheques with clearance houses
# Forces a borrower to get a co-borrower to sign a loan agreement, even without a registered ownership in property to be mortgage.
# Puts undocumented arbitrary conditions and/or slaps penalties for foreclosure, part-payment, re-finance, change in EMIs etc, and resists early foreclosure by asking unreasonable and irrelevant documentation, and other mechanisms for locking the customer permanently in, disallows any re-financing at market rates from any institutions.
# Forces one-sided amends to loan agreements, forcing borrowers to sign uncompleted agreements for bank to fill in arbitrary data later, on any request to reset ROI to market rates.
# No account statements sent to borrowers despite charging advance fees. If demanded at their branch, gives out false statements to customers, and also charges the customer for the same.
# Sells confidential data about borrowers to third parties without borrower’s consent.
# Suspected false reporting to CIBIL on borrower’s loan repayment records, and inability to provide any records on demand.
# False promises on free property/personal insurance, no policy is ever provided to borrower. Many other false promises at the time of selling (I even overheard from someone - borrowing from ICICI is like contacting AIDS)
# Not responding to customer complaints. Giving false assurances that they will respond in few days when escalated to outside agencies etc.
# Demands post-dated-cheques via letters, however when provided, does not accept them at random, forcing borrowers to make painful visits and waiting at branch every month until loan closure. Also demands PDCs despite having provided the same, and receipt obtained.
Most importantly, if you file a case against the Bank, and win, # ICICI Bank does not honor guidelines and orders from the regulator for Banking sector in India. I won the case, ICICI refused to honor it, when I appealed with Appellate authority, the orders were upheld, ICICI still engaged into cheating practices, not honoring the orders.
May God save all the ICICI's customers.
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