I am in receipt of letter from ICIC Bank and am further shocked to note its contents. I really do not understand as to how many more self contradictory statements will be coming from ICICI bank regarding one transaction of loan. In your subject cited letter bank now mentioning that the loan carries interest @ 8.76% p.a. whereas bank's first communication received about one and a half year back in this regard mentioned the rate of interest is 8.75% on the said loan which was sanctioned and already stood disbursed and in the second communication of the had mentioned that the rate of interest at which the said loan was sanctioned and disbursed is 9.41% p.a. ICICI Bank cannot decide as to which of communications is correct
Secondly, my stand always had been that I had signed the paper book containing blanks in various forms/agreements, which was never ever denied by the bank in more than one year of correspondence exchanged. This fact finds a place in the complaint to the Banking Ombudsman also. For the first time the bank has come out, after about one and a quarter year that too with a fantastic story that “based on the receipt of application and agreement that was duly authenticated by you”. This story of the bank is obviously false. Had it been not false, the bank would not have come with the statements that the loan carries interest @ 8.75% and afterwards changing the stand and saying that the loan carries interest @ 9.41% p.a. and now 8.76% p.a. in the latest communication. Had the blanks in the agreements/documents were filled and authenticated by me as is being alleged now for the first time ever after more than last one year and four months of correspondence, the bank could not have mentioned three different rates of interest which this particular loan attracts in its three communications. Bank's averments in the letter dated 8/07/2009 that the loan carries fixed interest rate of 8.76% and bank's statement that the “agreement that was duly authenticated by” me is an afterthought and has come after may be by further fudging the documents, which are in your custody and control. Had the blanks in the documents/agreement/s been filled and authenticated by me, the bank could have sent a copy of the agreement to me during last one and a half year. The agreement has not been provided till date even after more than one year and a quarter year of my request for the same.
The falsity and the hollowness of bank's statement that “CFOC forming a part of the first EMI has been recovered and is not in addition to the amount of the loan but only forms a part of the first EMI/Advance Installment.” is writ large and is in contradiction to the very first document i.e. the first Amortisation Schedule sent by the bank to me and is also contrary to clause 9 of the terms and conditions of loan, which clause 9 is reproduced below:
CLAUSE 9 OF TERMS AND CONDITIONS OF LOAN:
9. The number of advance Installments, as mentioned in the Application Form, paid by the Borrower/s to ICICI Bank (or its nominees) prior to disbursement of the Facility (or at any other time, as may be specified by ICICI Bank) shall be adjusted against the payment of the last Installments (of an equal number) or in any other manner as decided by ICICI Bank. The Borrower/s shall not be eligible to any interest on the amount of such advance Installments.
Therefore, as per the terms and conditions of the loan, the bank had all the rights to adjust the advance EMI “in any other manner as decided by ICICI Bank" and does not have any authority or any right to treat the first EMI “in any other manner as decided by ICICI Bank”. Further the said first Amortisation schedule very clearly, correctly and specifically mentions the following:
1. That the principal is Rs. 6,57,000/-.
2. That the Advance EMI paid is Rs. 13,664/-.
3. That the outstanding principal after adjusting the advance EMI is Rs. 6,43,336/-.
4. That the first EMI of Rs. 13,664/- payable on 13.02.2008 consists of repayment of Principal amount of Rs. 8,898/- and payment of interest of Rs. 4,766/-.
5. That the FCOC charges are Rs. 0.00 i.e. NIL.
From the above it is ample clear that there were no FCOC charges payable by me, the first EMI could not and therefore did not contain any element of FCOC charges and the principal after adjusting the first EMI is inflated. Also it is abundantly clear that I had submitted the blank booklet signed by me and the blanks in the booklet have been filled now because if these blanks had been filled earlier then the bank could not have communicated three different rates within one and a half year of sanction of loan for a single transaction of loan.
From the above facts, it also emerges that the bank, its Chairman, Directors and officers are not afraid of fudging documents even after the complaint to the Banking Ombudsman and also show that how far and to what extent, ICICI bank can go to, in cheating an innocent, gullible and fragile lady like my wife.
