ICICI Bank - Vijayawada Branch / interest rate hike without notice
Icici bank Loan application number: 4003678.
I would like to share my feelings on how i have been cheated by Icici bank. I am Srinivas Nallamothu, non-resident Indian applied for a home mortgage loan in February. I gave power of attorney to my father who is illiterate. The bank has interacted with me through e-mails and phone call and after i have submitted all the relevant documents (including legal verification), the bank has approved loan of Rs.18.30 lakhs at 11.25% rate of interest issued a sanction letter to me as well. Surprisingly, at the time of disbursement the rate increased to 12.25% and asked my father to sign in the letter as acknowledgment of receipt of disbursed cheque. But the fact that it was not the acknowledgment letter rather it was an agreement letter. As said above, my father is an illiterate and was unable to read the english script in the letter. Off late I have noticed the rate hike and immediate I have sent complaints to the concerned person in the branch, later complained to Head, customer service center in Mumbai. But no action from them and then I have a lodged a complaint at RBI Ombudsman in Hyderabad. Still no response from any party. Surprising last few weeks Icici customer service division started writing e-mails to me and explaining the concept of floating rates, PLR etc., I have told them that I am also a banker and need not fool me by saying FLR/PLR etc., Finally, today the customer service person phoned me and saying that they can't roll back the rate hike. I am exploring the options how to take the issue into public and protect my right. I was wondering whether any one can help me in this regard.
As an evidence of communication I am forwarding my e-mail conversation with the Bank.
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