ICICI Bank
Loan rate is not reduced

My ICICI Bank Loan A/c No. LBMUM00001007109

I have loan received from ICICI Bank on may. My floating loan rate was 7.50%. after 2 months my loan rate was increase upto 0.50%. In another with in a short period they have increased upto 13.50%. Since 11 Jan 09 loan rate was decresed as per their messege. But it is very sorry to say that neither my loan rate was not decresed nor the installment amount also not decresed. Yestarday I met to Ghatkopar branch regarding reducing of my loan installment & rate of interest but I exclaimed that they are asking me for make the payment of 1.93% to be charged levied on me & after the payment of this charge they will reduce the amount of loan rate only & not in the amount of installment.

Sir How the laws says that loan amount & rate can be increased as per their rules, but loan rate is decresed they are asking for charge of conversion charge. we are not converting our loans to others so we should not to be charge as per floting rate. we are not in a fixed loan. So floating loan rules says that whenever the rate is reduce, it is promptly to be reduce to clients. After the known from News papers, we have already asked they have answered your loan rate will be decresed from time to time, & you should not to bother regarding this. It will automatically reduce in your account & you will get the letter for this but still yesterday asked personnally regarding this reducing but they are failed to give answer properly. So I would like to solve my this problem urgently because my next installment due on 7th June. My track record is very good so I would not like to make fair track record. Hopping your prompt answer & guidence in the matter will be highly solicited & appreciated.

Thanks a Lot.

Company: ICICI Bank
Country: India

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