Today - I have closed my Car loan with ICICI - I would like to place on record the very very bad way the Bank cheated me with my car loan.

I had taken a new Car loan in 2003,3 lakhs with 8% interest, after two years of repayment a person from the Bank called me and told that they have topup option for my existing car loan. I was made to understand by the agent that the existing loan amount would be topped up.

The agent refused to tell me the exact amount I would receive after top up. He said that he would know about it only after they sanction the loan. So he took my signatures and said that the amount will be transferred to my account.

To my dismay - when the amount was transferred to my account I found that the amount deposited into my account was short by approx 10 thousand rupees less than the sanctioned loan. When I inquired with the Bank they told me that they have deducted the preclosure charges of old loan, and this is actually a new loan with an interest percent of above 11% (not sure).

I felt very much cheated by ICICI Bank - they offered me topup loan - and then they deduct the charges when I am actually continuing the loan with them and also increasing the interest rate.

All this happened in in Jan 2006. I made no. of calls to the icici bank customer support with no help from them - I also wrote a letter to ICICI Bank with no response from them.

Today I am writing this here to let people know not to get into the trap of topup loan.

If ICICI care about it, I am sure they would have acted on my complaints. I was not aware of this forum at that time.

Hi,

We are extremely sorry that you faced such a problem with ICICI Bank. Please assist us with your contact details at care@icicibank.com and we shall surely get in touch with you soon to resolve the matter. Kindly refer "941358" in the subject line.

Regards,
ICICI Bank Customer Service Team.

Originally Posted by Mrs Mohan

Today - I have closed my Car loan with ICICI - I would like to place on record the very very bad way the Bank cheated me with my car loan.

I had taken a new Car loan in 2003,3 lakhs with 8% interest, after two years of repayment a person from the Bank called me and told that they have topup option for my existing car loan. I was made to understand by the agent that the existing loan amount would be topped up.

The agent refused to tell me the exact amount I would receive after top up. He said that he would know about it only after they sanction the loan. So he took my signatures and said that the amount will be transferred to my account.

To my dismay - when the amount was transferred to my account I found that the amount deposited into my account was short by approx 10 thousand rupees less than the sanctioned loan. When I inquired with the Bank they told me that they have deducted the preclosure charges of old loan, and this is actually a new loan with an interest percent of above 11% (not sure).

I felt very much cheated by ICICI Bank - they offered me topup loan - and then they deduct the charges when I am actually continuing the loan with them and also increasing the interest rate.

All this happened in in Jan 2006. I made no. of calls to the icici bank customer support with no help from them - I also wrote a letter to ICICI Bank with no response from them.

Today I am writing this here to let people know not to get into the trap of topup loan.

If ICICI care about it, I am sure they would have acted on my complaints. I was not aware of this forum at that time.

Hi
My name is naveen. I had taken a used car loan from icici bank in 2006.My loan no is LUMUM00006806600.I have paid it in equal monthly instalments in 48 months and closed it in may 2010.On request from the bank,I got two letters(NOC) addressing it to the insurance company and RTO for removal of hypothecation.

Now these records are not updated in my credit report when I saw it in my hard copy from CIBIL.Why didnt the bank submit these details to the cibil?Doesnt the bank know that its very important for an individual to get a good score in the credit report especially when you close the loan? I have never ever delayed paying my car loan and I have payed the complete amount & closed it succesfully in time.

I need an explaination from the bank as to why these details are completely missing from the CIBIL record ? At the same time I had even taken a Personal Loan of Rs 3Lac with emi for 36 months.I can see these details in the CIBIL as fully paid.

I request the bank to kindly update my car loan status ALSO in CIBIL to help increase my credit score.Are banks not supposed to update cibil every 30 to 45 days after completion of loan payments ?

Thanks
Naveen
9819665767
naveenedits@yahoo.com

After posting on this forum, The bank responded with this email - for which I replied. Then they sent me a mail - asking me to send details about the bank having waived of the pre closure charges so that they can do the needful. If at all the Bank had given me refund of preclosure charges this issue would not have come up in the first place.

I expected a better response.

Mrs Mohan

Originally Posted by ICICIBankCare

Hi,

We are extremely sorry that you faced such a problem with ICICI Bank. Please assist us with your contact details at care@icicibank.com and we shall surely get in touch with you soon to resolve the matter. Kindly refer "941358" in the subject line.

Regards,
ICICI Bank Customer Service Team.