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narayanang76 · 2nd January 2006, 16:34

Dear friends,

Please, please always be aware on EMIs, their calculations and other factors. A couple of Rs - 10-200 Rs on an EMI will give you huge loss or gain on the complete tenure on the loan.

There are standard amounts decided - based on:

Total Loan amount/Interest Rate/Loan Tenure. Based on this EMI amount per lakh is decided. Multiply that for your loan amount in Lakh. Verify that your EMI amount is at least the same as that, not more than that.

In addition, one of my friend had bad experience from ICICI. He is working in Wipro, Bangalore and happen to apply for a Home Loan for 15 Lakhs, the interest rate was 7.25 % fixed for 20years(ICICI gave that in writing, FIXED for 20 Years, but now I do NOT believe that) nad for 15 years. They had given him the EMI amounts etc, but when the loan got sanctioned it was different. It was more than previously mentioned amount, when he checked with many people ICICI bank, no one was able to reply for his query, but on careful examination on the sanction letter, the Loan amount itself was more. 15 Lakh was 15 Lakh and 30, 000. This 30,000 was for some insurance - which premium amounts they added to his loan amount and the poor guy was made to pay interest for that for 15 years for the same. I had asked him to talk to the guys and re-sanction the loan for 15L.

But this was on a tight schedule, the property builders were behind him to do registration, etc so he had no time. But finally he directly went to ICIC bank, sat there, talked to the Manager and made them make the new loan sanction letter for the correct amount.

So please please aware that these things happen - so take very good care when you deal financials with these unethical instituitions. They do not have any Credit Worthy histories, they just want to make quick bucks - unethically.

I feel Accountability, openness and customer centric and a few words which lacks meanings on these financial instituitions. Not only ICICI, but all these multinational so called Banks. I feel we should only go with our nationalised banks like SBI etc, but yes we understand they take long time to process and not at all customer friendly.

But anyways - we are paying for the mess :(

Regards,
Narayan

2nd January 2006, 16:34	#9 (permalink)
narayanang76 Newbie Join Date: Jan 2006 Location: Bangalore Posts: 1	Please always be careful on loans Dear friends, Please, please always be aware on EMIs, their calculations and other factors. A couple of Rs - 10-200 Rs on an EMI will give you huge loss or gain on the complete tenure on the loan. There are standard amounts decided - based on: Total Loan amount/Interest Rate/Loan Tenure. Based on this EMI amount per lakh is decided. Multiply that for your loan amount in Lakh. Verify that your EMI amount is at least the same as that, not more than that. In addition, one of my friend had bad experience from ICICI. He is working in Wipro, Bangalore and happen to apply for a Home Loan for 15 Lakhs, the interest rate was 7.25 % fixed for 20years(ICICI gave that in writing, FIXED for 20 Years, but now I do NOT believe that) nad for 15 years. They had given him the EMI amounts etc, but when the loan got sanctioned it was different. It was more than previously mentioned amount, when he checked with many people ICICI bank, no one was able to reply for his query, but on careful examination on the sanction letter, the Loan amount itself was more. 15 Lakh was 15 Lakh and 30, 000. This 30,000 was for some insurance - which premium amounts they added to his loan amount and the poor guy was made to pay interest for that for 15 years for the same. I had asked him to talk to the guys and re-sanction the loan for 15L. But this was on a tight schedule, the property builders were behind him to do registration, etc so he had no time. But finally he directly went to ICIC bank, sat there, talked to the Manager and made them make the new loan sanction letter for the correct amount. So please please aware that these things happen - so take very good care when you deal financials with these unethical instituitions. They do not have any Credit Worthy histories, they just want to make quick bucks - unethically. I feel Accountability, openness and customer centric and a few words which lacks meanings on these financial instituitions. Not only ICICI, but all these multinational so called Banks. I feel we should only go with our nationalised banks like SBI etc, but yes we understand they take long time to process and not at all customer friendly. But anyways - we are paying for the mess :( Regards, Narayan