Consumer: Forum rules against ICICI for witholding loan conditions
For some time now, consumer forums have been ruling on unfair practices carried out by banks, with ICICI Bank being one of the banks having been penalized in the past for various actions that have gone against consumer practices. In this case, a forum ruled against the bank after it was disclosed that the bank had not provided the consumer (who had taken a loan from the bank), all the details regarding the conditions and terms of the loan. The consumer had taken a personal loan from the bank, and after realizing the interest for the loan (after reviewing the EMI payments), realized that the loan was very expensive. However, closing out the loan was not as simple as one would have thought:
Pal had instituted a complaint under Consumer Protection Act saying that he availed a personal loan of Rs 40,636 from the bank in September 2006. The loan installments were Rs 2,199 each for 36 months but he was allegedly not informed about the rate of interest as well as other terms and conditions of the loan. The complaint added that the bank assured Pal that he would receive the terms and conditions at his postal address. It was averred that he received a cheque of Rs 37,719 but neither the terms of the loan were conveyed to him nor the rate of interest disclosed.
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