Hi all,
ICICI bank offered a loan on my credit card for Rs.229000 during May 2007. This loan account was converted to a credit card account and billed under credit card norms. The loan period was 48 months
I paid 33 EMIs on time and wanted to close the loan. I negotiated with the local ICICI Bank collection centre and paid Rs.60500 on May 2010.Total payment made as on may 2010 was Rs.294,000 as against the Rs. 324500 which would have been the amount if I had paid the 48 EMIs
ICICI bank fired the employee who offered the settlement and refused to give me a closure letter. I raised several complaints from May 2010 - Oct 2010 with ICICI customer care who entertained me till the Rs.60500 was adjusted to the EMIs from May - Oct. From Nov, they kept the account active and have been billing me under credit card since then without my knowledge. So for the original difference amount of Rs.30500 they've added Rs.38400 as interest, late payment and service tax.
Now they're again offering to settle at Rs.30500 as the total outstanding is showing as Rs.68900
I'm told that "If a borrower does not pay the Installment against a loan for 90 days according to RBI guidelines the bank has to declare the Account NPA. and the interest on the amount can not be charged" yet my account was charged interest even after 90days of non payment for 500+ days
What are my legal options?
Thanks and regards,
Srivatsa
