In the case of State Bank of India Vs Usha Vaid & Anr the National Consumer Disputes Redressal Commission termed prepayment penalty for home loan as unfair and restrictive trade practices. The Commission asked the bank to refund the pre-payment charges collected from Vaid, who had shifted her loan to another bank. It upheld that Consumers’ right to avail loans at lesser rate of interest can’t be curtailed by such prepayment clauses. SBI SLP (Civil) 16345 of 2007 against the Commission order in the Supreme Court has been dismissed vide SC order dated 19.09.2008.
[email protected]
[email protected]
If you are dissatisfied with the bank, to register your complaint with ICICI:
In Google search for ICICI complaint form. Click on the 1st result of ICICI site. Then go to "Click here for online submission of your grievance."
One good suggestion from Vinod Somani:
Start sending your emails on the following 2 ids:
[email protected]
[email protected]
Ask them for answers. They will not answer your answer your questions. Rather they will use copy-paste of the standard matter. But do not worry. Send them 20-30 emails. Document all of these responses and then file a suite against ICICI in the consumer court and not with RBI. You will not lose the case. These responses will help you win the case against ICICI for the waiver of foreclosure charges. Then transfer your loan at alomost 3% lower rates to some PSU bank, without any foreclosure charges.By transferring, you will save almost 1 lac rupees every year for a loan of 26 lacs (20 years).
A few things which you can write when they write back to you...
What is this prevailing economic scenario in the country? Is it different for other Indian Banks (most of those)? If no, then why did you increase the rate in June'08 July'08 timeframe. Even there was no CRR hike (which used to be your favourite excuse earlier). Rather the CRR has been cut by 350 bps. On one hand CRR is cut by such a huge margin and on the contrary ICICI has increased the rate during this period.
0 comments