Sep 06, 2010 09:55 PM
6398 Views
We had applied for a home loan from ICICI Bank on 31st July 2010 through a branch office in Mumbai. The initial experience was very warm and courteous. But that was pretty much where the good experience ended.
We were promised an interest rate of 8.25% for the 1st year of the loan and that the sanction letter would be given to us in 5-7 working days. However, 5 days after the home loan papers were submitted, we were told that we had filled up the wrong form and that we would need to re-submit our application in a new form. An executive of theirs came and asked me to sign the new form without filling in any details and that he would copy the details from the old form by himself. To my UTTER SHOCK AND DISMAY I found that he was trying to CHEAT me and in the garb of telling me that it was nothing but a new version of the same form he was trying to make me sign up for a home card and an insurance plan that I was not interested in.
I took this matter up with the branch office and they assured me that things would be taken care of. I was once again promised that they would issue the sanction letter within 5-7 working days at a 8.25% interest rate. But once again I realised that I had been fooled by them. After another week*(by now it was 3rd September - more than 4 weeks after we had applied for the loan) I was told that the interest rates had now gone up to 9% and that we would no longer get the loan at 8.25%. This is not what they had promised us and amounted to nothing but a BREACH OF TRUST. Despite having wasted more than a month in trying to get a loan from ICICI Bank, we decided that we didn't want to take the loan from them(even though now most other banks had also increased their interest rates) since we felt CHEATED by the bank.
Having been through this experience we would advise everyone NOT to take any kind of loans from ICICI Bank. They are out to CHEAT and SWINDLE unsuspecting retail customers like us.
