I subscribed to a Housing loan last year with ICICI Bank. Since then, I have only regretted the decision to not use my regular bank, i.e HDFC. The latest issue in my dealing with ICICI relates to copy of a document that they had committed to provide to me at the time of registration of property. When the property was registered, the Bank agent took away the original saying that they will organise to sen me a copy of the registration document, which never arrived. When I sent them a reminder this week, there response has been that I need to pay for the same. While I can understand that they charge for requests of additional document, I am absolutely unwilling to pay for a document which should have been given to me on day one. The executive attitude on the whole subject is that unless the said payment is made, he cannot do and they are not at all willing to meet their own commitment on the subject
This is only the latest of the incidents. I had about 2 months pack prepaid a huge amount. The said amount however was used by the bank with no interest accrued on the same for almost 20 days. Their reply being that they could only consider the amount as paid from the date of next EMI. I fail to understand as to why their executive who accepted the amount failed to inform me that I should actually pay 20 days later
Beside these things, ICICI has taken the biggest advantage of having a large installed base and have hiked their interest rate much faster than others and today have become one of the most expensive loan providers. This is reflected in the fact that when I signed up with them, the rates were competitive and today are at least 0.5 Pts higher than someone like HDFC
All in all, an extremely negative experience because of which I have just decided to stop a large investment that I was making in the ICICI insurance. I would advise all users to be extremely cautious in dealing with ICICI.
0 comments