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ICICI Bank Loans / response time / false promises

1 India Review updated:

Hello all, I would like to express my concern over the very time consuming procedure I have gone through in applying for a Personal Loan from ICICI. I have applied for a loan from ICICI exactly 3 weeks back, the associates who were supposed to collect the documents were pretty fast in sending their people to collect all the documents on the same day of the application. Regarding who were they : I had received a call from ([protected]) Pooja asking if I wanted a loan. Their branch is located in Thane and that is all I know of them. It took them over 2 weeks to tell me that my loan has been approved, Finally they sent a man on 22nd to pick up 4 signed Cheques addressed to (ICICI Personal Loans) and some documents, on asking them when would I receive the loan amount they confidently said Tuesday 26th Dec 2006, I confirmed from the associate if they were confident and they said yes. Based on the commitment I received I gave a commitment to some vendors from where I was supposed to buy some articles and made a down payment.

Tuesday (26th Dec) arrived and the money was not transferred to my account, I called up the number mentioned above and they said that it will happen on Wednesday 27th Dec 2006 for sure. I Confirmed once again and they said 100% it will be transferred by Wednesday 27th Dec.

Wednesday (27th Dec) : The money was still not transferred and I called up the number again, they asked me to wait another day and that’s exactly what I did.

Thursday (28th Dec) : The money was still not transferred into my account and I called them up to inquire on what's the status of the loan because I had made some commitments to a vendor and I was falling short on my commitment. I called up and spoke to a lady who was trying to tell me to wait 2 more days, I was furious and asked to speak to the manager of that branch, she told me that he was busy in a meeting and I offered to wait, but she disconnected my phone. I called up again and they kept on answering and disconnecting my phone, this happened for at least 5 times before I gave up.
I called up the ICICI call centre to report the issue and after bouncing back between many call handlers I spoke to Vasundhra (Ext 4277 on the help line #) she offered to help me out with my issue and started following up with the required individuals. She told me that she will work on this and get the money into my account latest by Friday evening, I agreed and hung up the phone.

Friday (29th Dec) : Vasundhra called me up and requested me to send an email to both you guys as they needed to verify my official email address, which I did mins after speaking to Vasundhra, hoping the money would be transferred at least by Saturday 30th Dec.

Saturday (30th Dec) : The money was still not transferred and I called up the Thane Branch and they told me that I needed to call up the ICICI call centre. When I asked them to provide me with the file # they were not providing me with the file # and disconnected the phone. If I need to call the ICICI call centre they always ask me for a file # which I am not able to provide because I am not being given one.

To Sum it up in Short :

1) This has been the most frustrating journey for me in my entire career.
2) I have no clue about when the money is getting transferred and I have commitments to meet.

Questions : ?
1) Is this the Kind of Customer Service ICICI Bank believes in providing ?
2) Is the process so tedious and long to receive a loan amount ? If yes then why do you guys state quick approvals as a part of your selling criteria ?
3) Am I every going to receive the loan amount ?
4) If not then what is being done with the 4 cheques that I have given ?

I cannot stand this frustration any longer. Either ICICI Bank do what advertise or don’t do it all.

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  • Bh
      28th of Feb, 2007
    0 Votes

    A loan sanctioned of 50,000/- from ICICI Bank Personal Loan Department by me 19-2-2007. But the Cheque was not get yet. I ask the bank staff he says that he was send the courier. & Courier said that any courier of my name was not receive.

    So I want to know that what is going on.

  • Ad
      28th of Sep, 2007
    0 Votes

    ICICI bank mission -Best products and worst customer service.
    This is what I feel about ICICI. I really hope that this e-mail will do nothing as I have been to many liers in your customer service department. But still I have copied this message and forwarded it to many managers. As a quality head, you should know that you have got a team of liers. Every time we call up- we get a new answer or our phone is disconnected ot transferred to a department where no one is available. So, we get nice music to listen on hold for 10-20 minutes. But no reply. Coming to the point
    I have a ICICI salary account and had a pre -approved loan. It has been sanctioned but I still haven't received the money. This is my loan account number LPTNE00011437576. And this is may salary account number 037701501843. Each day I call the sales executive or the phone banking, they say that today you will get the moeny. They also specify a time frame and promise me. This has been a head ache for the last week. IT is really disgusting that I only say "That the service is ###in irritational", also say sorry for the same and your agent from application department - Arun R... hangs the call. You can believe whats my condition. What is the use of moeny if I dont get it on time? If any action is not taken against this and I don't get moeny on time, I will cancel all my services with your bank. I will try to post this message on all the forums. This will be forwarded to to all the possible managers.

  • Ja
      28th of Sep, 2007
    0 Votes

    ICICI has beautiful advertisements placed at our cost(money they make on our deposits) but the worst service and rude sales people what is the use of them boasting of the Women in the highest postion when the customers in the lowest position.

  • Ra
      8th of Oct, 2007
    0 Votes

    I have applied for person loan (Rs. 1,00,000) in ICICI Bank 25 days with all the required documents. After 15 days closing of month my loan is not sanctioned because of closing time as per your employee (Mr.Abhinav Tyagi).

    After this he committed me your loan is in progress and cheque will deliver to you within 7 days. But this time he is not picking up phone and not giving response to me. My heartly requested don't commit customer to you will get your loan within 15 Days.

  • Di
      10th of Dec, 2007
    0 Votes

    I am strongly agree. I am the current bakra for home loans for this Faltoo and Bakwaas ICICI Bank. Kamath talks about big things... just fooling the people... the way they providing the services and dealing with customers is hopeless... all are useless... 3rd class bank....cheater... thinking to close my a/c... demat a/c of this Faltoo bank... Be cautious with this bank...

  • Dr
      3rd of Feb, 2008
    0 Votes

    The manager
    Icici personal loan

    Dear sir,

    i am Omprakash Singh from Ferozepur (Pb), working as Veterinary Doctor in Nestle India Ltd. Moga (Pb).,, i was applied for the personal loan with icici bank in Bhatinda,, in 1st week of Jan. 08, the concern executive (DAS Associates Ferozepur Mr. Deepak Singla: 98142-46635) said with in one week you can get the loan
    , i am also agreed, 15days back that executive called your loan got approval you should give 18 cheque leafs with sign, i have done all the formalities , after nobody didnt responce, i repeatedly contacted concerned executive but he is just passing the time,, now also he said give me one day you will get the money ,, its 15 days over ,, i dont know what icici peoples doing when i get the loan ,, iff its possible or not,, they will return my cheque or not???????????????? otherwise please be ready for litigation.
    thank you.
    aplication/reference no: 59017455

    thanks and regards
    Omprakash Singh
    Mob. 99158-59678.

  • Ka
      14th of Aug, 2008
    0 Votes

    The Chairman
    I.C.I.C.I Bank Ltd.

    Undersinged applied Personel Loan to A.J.C Bose Road Branch on 31/07/08 Application ID Nos.60357408
    proposal not considered due to false and wrong CIBIL information, on 07/08/08 produced all documents of S.B.I
    Card closure & settlement date 25/02/07, and requested to provide the valid document for CIBIL & rejection
    of loan proposal . No reply and document provided . Loan proposal kept in disposed unethically and unintateraly.

    Solicit your intervention for sanctioning the Loan proposal.

    Kajal .Kr.Chanda
    Flat 1/A, ASHIRBAD
    Nilachal Complex Narendrapur

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