ICICI Bank / home loan - false promises, unprofessional attitude
Here is the interesting story.
- I applied for housing loan (Fixed interest rate) and got an approval for 7.75% (Year 2004). Bank asked me to send the documents that I did. ICICI guy delayed sending the form (that I was suppose to fill for disbursement).
- Bank said as there is already 31 days between approval and disbursal so you need to renegotiate the loan. New interest rate: 8.25%.
- I got the first disbursal (against construction) on 8.25%
- time came for second disbursal and I wanted an additional loan for 2 lacs. I asked the marketing guy whether you can increase the amount. He said yes he can and would be approved on the same interest rate (8.25%)
- Forget the additional amount when I got the disbursement of second installment (Remember fixed interest rate and not the floating); I got a letter from ICICI that new amount is disbursed at 9.5%
- When I called Marketing Guy; he passed my call to their operations guy and he just refused that Fixed rates are on fixed interest rate and did show any inclination of honoring commitment given by his marketing guy.
- My Experience: Last time I tried Corporation bank for my Car loan. Considering my experience I can safely say; Public sector banks are most under rated banks and are not that bad as we think. Private banks: I am not sure about others but ICICI - Sucks- Most aggressive, unreliable, no-commitment bank in India. Their "Hum Hain Na" advertising campaign looks joke to me.
- My Resolution: Close all the relationship I have with ICICI - ASAP.
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