ICICI at its worst- No respite for Home loan takers

Well i am one of the many icici owners who are struck with them and still hoping to see the end of the tunnel. My rates where increased twice from 10.5 to 12% now. Even after RBI did decrease its rates twice, ICICI is still reluctant to reduce rates.

They seem to be busy welcoming their CEO chanda kochar. Its really frustrating to see a bank as big as ICICI doing this to countless number of customers. Well going by their actions, i can only guess that they are badly struck with many home loan customers whom they fear that they will not be able to pay back due to global economic scenarios and they are in-directly forcing them to pay.

Its simple to guess that by not budging to pressure from even P.C or public they are telling a clear message. we are in problems if you don’t pay. So we will make sure you pay. Its kind of mind game making people to either move to other banks or payoff the loan. In both case they win.

Well i feel sorry i banked with this bank since 2000. I will never bank with ICICI in future. I already changed from Money2India to remit2India. You can also do this. Decent rates and quick money transfers.


I would say, try to move to PSU banks or try to complete your loan. Its no use expecting this bank to behave sensible.

5 Comments

  1. Srinivas

    I was also one of their customer (shame to call it) stuck that way. My Home loan rate increased from 7.5% to 12.5% in a span of 1.5 years and I dont expect them to reduce the rates given their own problems.

    While all other banks (Pvt as well as Public) reduced their reference rates, ICICI stands as a single exception. Its better that we call ICICI a “Default Bank” when it comes to its commitments. I had also decided never to park any money in any of their FD’s or even in savings bank and gradually move away from banking with them.

  2. raj

    Hi,

    My loan rated increased from 7.25 % to 12.75 %. I guess you are lucky… But i take your suggestions on having minimum amount with them…

    thanks
    raj

  3. Rohit

    Hi,

    I belong to the same herd as well. My interest rate shot from 10.5 to 12 % in a span of just 7 months. So caring is ICICI in not increasing my EMIs. Rather they increased my tenure from 20 odd years to freaking 55 years……

    I will be coming back to India next month and first thing I am going to do is to transfer my loan to some other nationalized bank.

    I am done with ICICI…..

    Rohit

  4. rajavelu

    Hi ,
    Me too in the same boat. Seeing so many rants on the net about ICICI , Is there any kinda case\public petition that can be filed in the High\supereme\Consumer courts in India ?

    If there is a case already in progress, can we attach ourself to it ,Pay for the lawyer and find a solution ,rather than feeling helpless and being eaten alive in the wild .

    Rajvel

  5. ajay

    ICICI Bank is the worst bank to bank with. Let us all sign this petition against the bank. Together, we can bring some change

    http://www.petitiononline.com/bagla27/petition.html

    Please help to spread awareness about this petition through your blogs

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