Hello,

I have availed a personal loan from ICICI BANK. The bank had not given any sanction/disbursement letter to me. I ahve been repaying the installments on time on 5th of every month. I have availed a loan of Rs. 1 lac to get my mother operated.

Now I ahve requested bank if I want to make part prepayment /full repayment what is the process to be followed. The bank has said that you can not anyt make part payment of your loan. you have to either make full prepayment ot continue your loan. In full prepayment I will be charged penalty of 2% on the outstanding loan amount.

this is absolutely ridiculous. first of when we individuals take loan on personal emergency, the bank without giving the sanction letter gives us the money on our eligibility and when we become eligible to prepay the loan, bank puts on harsh conditions.


I have made so many representation to this effect but no response. I want to teach lessons to such banks. I do not want to pay penalty because i do not want such nonsense charges. why
shouls an indivisual should bear the peanlty for prepaying any loan obligation. if I do not pay any installments, then bank will ocme to my doorstep and if my condition is not good, they will have to settle the loan at discount.

Hence i aould like to make my last effort on this by approaching consumer forum. if the bank fails to give any result, I will discontinue paying any installments and I will fight out the legal battle.

A G
9821074027

Originally Posted by alkesh

Hello,

I have availed a personal loan from ICICI BANK. The bank had not given any sanction/disbursement letter to me. I ahve been repaying the installments on time on 5th of every month. I have availed a loan of Rs. 1 lac to get my mother operated.

Now I ahve requested bank if I want to make part prepayment /full repayment what is the process to be followed. The bank has said that you can not anyt make part payment of your loan. you have to either make full prepayment ot continue your loan. In full prepayment I will be charged penalty of 2% on the outstanding loan amount.

this is absolutely ridiculous. first of when we individuals take loan on personal emergency, the bank without giving the sanction letter gives us the money on our eligibility and when we become eligible to prepay the loan, bank puts on harsh conditions.


I have made so many representation to this effect but no response. I want to teach lessons to such banks. I do not want to pay penalty because i do not want such nonsense charges. why
shouls an indivisual should bear the peanlty for prepaying any loan obligation. if I do not pay any installments, then bank will ocme to my doorstep and if my condition is not good, they will have to settle the loan at discount.

Hence i aould like to make my last effort on this by approaching consumer forum. if the bank fails to give any result, I will discontinue paying any installments and I will fight out the legal battle.

A G
9821074027

Dear Alkesh,

We are sorry to hear about your problem. We have made a note of your contact details and will be getting in touch with you soon to address your concern.

Regards,
ICICI Bank Customer Service Team.