Dear Sir,
Greetings.
Please allow me to introduce myself as Gaurav Rege, a customer with ICICI Bank. I write to you with the hope that my grievance will be address against a nationalised bank.
I am an ordinary individual and do not have great big links and have few who i can turn to for help in this matter.
A big nationalised Bank has cheated me and continues to do so with ordinary unsuspecting public.
I had signed up for a home loan from ICICI bank on 10th Aug and had opted for a floating rate of interest.
The market rate then was 11.5% floating which I had agreed to and was given to understand that as and when the market rate of interest goes up or comes down my interest would similarly be adjusted.
However, today I am shocked and feel cheated by the way that ICICI bank has treated me. I am being charged an astonishing 12% rate of interest when the actual floating rate of interest as per ICICI bank itself is 9.75%.
The bank offers this lower rate of interest only to new customers. For existing customers, the bank is not applying the low rate. When asked why, the bank (ICICI) informed me that my PLR variance was only kept at (1.25) and thus I was being charged this very high rate of interest.
I am not a banker and do not understand banking terms. What I do understand is that ICICI bank attracts new unsuspecting customers but once they are onboard it hides behind so called bank policies and outright cheats customers of their money. What more can I say, when the Branch Manager (at ICICI bank Pune, MG Road branch) herself has a home loan with another bank and not with ICICI.
To top it all, when I made a request to the bank that please charge me the lower rate of interest, the bank asked me to pay a further 15995/ (fifteen thousand nine hundred and ninety five rupees) as change over fees.
My grievances with ICICI bank are as follows.
1. If the bank gets promotional calls made for attracting new customers, sends out emails by the dozens, telling customers of the various schemes that the bank offers and the new products that they have, then similarly why was I as a customer not told that I could avail of a lower rate of interest. I am currently paying interest at 12%, when banks like SBI, LIC housing etc are charging only 8%. Even new customers are being charged by the bank at 9.75%. Why did the bank not come to me and tell me that by paying a changeover fee, I could save on this high rate of interest. Why was it left to me to accidently discover that I was being grossly overcharged.
2. If for the last so many months the bank because of its malpractices has been overcharging me, then why should the bank itself not absorb this changeover cost and still charge me when I have found out their dubious ways of doing business.
3. I may have signed a loan paper with the bank, what I did not sign was an agreement to get cheated out of my own money. Where is the trust factor that ICICI banks talks about and advertises?
The essence of the entire letter is that the bank (ICICI, in this case) uses banking terms and hides behind policies to dupe ordinary people.
I would be greatful if you could highlight this matter to all concerned and help me against a big bank.
yours sincerely
Gaurav Rege
Gaurav Rege
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91-9823228588
[email protected]
[email protected]
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