ICICI Bank offered me a "over the phone" perosnal loan based on my credit card on 04-May-2007. The loan amount was Rs.2, 29,100/-. The terms and conditions (such as foreclosure, reducing interest etc) were NOT explained clearly over the call
From May 2007 onwards I've been paying (without default / on time) the monthly total amount due on the new card no. They give me a new card no. to pay towards this loan although the loan was offerred based on my original credit card. No application was filled or documents were signed for this loan amount nor were the charges clearly mentioned over the phone. Till February 2010, I had paid Rs. 2, 34,821 towards this card
I contacted ICICI customer care on 04-March-2010 wanting to pre close the loan. The total outstanding due as calculated by ICICI bank on my card statement was Rs. 90207. I received a reply from ICICI customer care to pay Rs.104706 as foreclosure amount. No clear explanation was provided for the extra Rs. 14499
As no clear explanation was provided for the above I stopped payment on the card from March 2010 to April 2010. During these two months, I and my family were constantly harassed by customer care calls during which no care was shown for my intent to foreclose the loan. At one point one of the customer care executives told me that I cannot foreclose the loan and that I needed to pay for the complete term!! Whenever my mobile was not reachable, my in-laws were called and harassed
On April 22 2010, I received a call from ICICI customer care where we debated on the above and finally I was told to go to ICICI Bommanhalli branch for loan foreclosure and settlement on the above. As I was foreclosing the four year loan well within three years I asked for concession on interest rate and said my offer to foreclose was Rs.60000/-
I received a call on April 28th 2010, write off officer of ICICI Bommanhalli Branch and all the above were again debated. Finally he said he would check with his backend team and revert back on the Rs.60000/- foreclosure offer. On April 30th, I was given a code no. as settlement code and asked to make the payment of Rs.60500/- as foreclosure / total settlement amount. Rs. 500/- was charged extra towards removing my name from the RBI defaulters list. I was told that the no dues letter and loan closure confirmation letter would reach me within 7 working days as per RBI guidelines. On May 11 2010, cash payment of Rs.60500 was made at ICICI Bommanhalli branch
From May 15th till date I've been following up with local ICICI Bommanhalilli branch team / customer care on the loan closure statement / no dues letter. The phone no. of the bank official was either switched off or attended by someone else claiming it to be their no. I was harassed by both customer care and bank personnel for this constant follow-up. Finally I received a reply from customer care on June 16 2010 vide " ICICICARE = 030-282-927" saying the loan is not closed and that Rs. 71533 is still outstanding on the card!!! The Rs.60500 is reflecting in the statement and is now used for monthly EMI deduction for the last two months and still amount is pending in account for another three EMIs!
Now both ICICI customer care and Bommanhalli branch officials are playing the fraudulent game of denying the settlement offer. Pls help on how to approach this matter
