Icici bank

Sir,

Read the RBI guidelines regarding the same and then write a formal application seeking refund of the same .

Warm Regards

Kapil Chandna Advocate

9899011450

First search in RBI website and download the directive.

Then write to Bank as a complaint mentioning the violation and stipulation in RBI.

Wait for 15 days  and issue Registered notice seeking immediate refund with Bank Minimum lending rate.

After one month from the issue of Registered notice file a complaint before Banking Ombudsman, the address of which you can find from any Bank's/RBI website.

I asked Icici bank to send me the document in which RBI permit them to charge foreclosure penality on the prepaid loan, but Icici bank deny to provide such documentation...

Did you ask in writing and did the bak reply in writing?

Or did you record when you asked and bank replied?

Asking,telling,saying should be on record (audio/visual/minuted/witnessed).

The RBI has issued guidelines on Home Laon on floating ROI.

You may check if the RBI has issued directicves for personl loan too.

In any case M/s ICICI Bank is duty bound to supply each reply and document.

All important guidelines/directives concerning General Public are uploaded both by IBA and RBI in their websites in most of the cases.  First check their websites and down load the directive.

Every private bank charges 5% of the outstanding loan as prepayment/forclosure charges.They clearly mention it in the loan agreement.But it is against the strictures of RBI.