ICICI Bank
Charging High interest rate

I have taken home Loan from ICICI Bank. They sanctioned the loan on 15/12/06 at 9% They disbursed the loan on 18/01 at 9.5% though it was sanctioned at 9% . We were informed that since it is floating rate interest rate will decreased even below the sanctioned interest rate.

However ICICI Bank kept on increasing interest rate heavily in 9 months to 13% by September in a gap of 2 to 3 months. They are charging High interest rate as well the amount toward principal deduction is very less. As the amount of deduction of Principal is less, ICICI Bank is earning money by charging us interest on the remaining amount which is very higher because of less amount of deduction towards Principal and also increasing the tenure period of repayment loan.

ICICI bank is imposing high interest rate on other hand asking their customer to adopt their scheme by paying conversion fee to reduce the interest rate which is also not guaranteed.

ICICI Bank is offering home loan around 8% to new customers but those who are existing customers ICICI bank is taking advantage of them by recovering high interest rate

ICICI bank decides PLR by themselves to be applied for existing customer which is different from RBI PLR.

I am salaried person and my EMI payment is through my salary. I am facing heavy Financial burden. I do not have any other source of income

I have sent many Emails to ICICI customer care and as well to Deputy General Manager but I have not received any satisfactory reply

Kindly take necessary action from your end to save us from heavy financial burden of high interest rate from ICICI

Company: ICICI Bank
Country: India
State: Maharashtra
City: Pune

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