I had taken the loan at 9.25 and now paying back with 12.75. With every rise let it be CRR or Reverse REPO or SLR or any other the ICICI had shown a promptness in increasing the rate of interest for Home Loan (they never felt the need to do the impact analysis). Now when RBI had reduced the CRR by 3.5 percent and Repo is around 7.5 % ICICI is just pretending to do the Impact Analysis (I really doubt they are doing anything)
Now ICICI had reduced the rate for new customer only even though when RBI has asked ICICI to reduce the PLR which will benefit both old and new customer.
I have a strong feeling that ICICI has incurred a huge loss in their foreign operation and to recover from the loss they are now charging such exorbitant interest rates to their customer just to make sure that at the end of financial year they will be able to show the maintained cash reserve (if not good) in their Balance Sheet.
They have stopped two wheeler loans and reduced the other loans as most of defaulters are from the same category; this is surely hurting their Credit Rating.
But what i am more surprised about is why RBI and our finance honcho are like PC & Mr. Manmohan is not doing anything in this regards.
If such thing goes on India is not far behind of Middle prime (Situation like subprime triggered by Middle class salaried person by intentionally being the defaulter of Home loan)
Request you to please look into this and do something in this regard or guide us to take this kind of extortion from ICICI up to the appropriate law.
0 comments