ICICI Credit Card - Cash-in Select
Excess Interest Charged on Pre Closure Payment

I availed the cash loan of Rs. 248000/- on 28/10/07 thru' Card # 9401270132224002.

I paid 21 instalments. The O/s amount after 21st instalment was Rs. 160762.58.

A pre closure fee of 3% on O/s amount was mentioned to me while availing the loan.

Thus, I should have paid Rs. 168742 (3% on 160742, 1.5% for a months' interest).

But, the bank demanded from me to pay Rs. 171160/- asking me to pay the 22nd instalment one month's interest and 3% pre closure fee.

I have paid Rs. 171160/- as per their demand. But I think they have charged Rs. 2418/- in excess.

Please do let me know if you could help me.

I can furnish additional details if you so desire / require.

I have already given the details to Jago Grahak Jago vide their ref. no. 196549.

Regards,

Dr. Jayshree Shukla