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Old 1st July 2008, 12:54   #46
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With citibank i got the NOC within a week after the closure of the loan without even calling them.

If it is urgent try to go to the branch which deals with the car loans and get the NOC in person.
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Old 1st July 2008, 13:23   #47
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It's funny, but i foreclosed my car loan with ICICI just 4 days before the loan was about to get over (foreclosed on 26th April, whereas the loan would have got over on the 1st of May). I got my NoC, without any reminders etc within 2 weeks through post.

must be lucky I guess..
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Old 1st July 2008, 13:25   #48
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thats icici standard business practice i guess to irritate the customer
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Old 1st July 2008, 13:27   #49
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Originally Posted by khan_sultan View Post
It's funny, but i foreclosed my car loan with ICICI just 4 days before the loan was about to get over (foreclosed on 26th April, whereas the loan would have got over on the 1st of May). I got my NoC, without any reminders etc within 2 weeks through post.

must be lucky I guess..

I am a little curios.
Does not preclosing a loan carry a penalty.
Or is there something I am missing here.
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Old 1st July 2008, 13:41   #50
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Originally Posted by Mission_Safari View Post
With citibank i got the NOC within a week after the closure of the loan without even calling them.

If it is urgent try to go to the branch which deals with the car loans and get the NOC in person.
I checked with their call center- if I can visit their nearest loan center (@hyd) or the bank wherein I foreclosed- they say it will not help, as it will come from Mumbai HQ. Am not sure if they are coughing up some lies- anyways i plan to visit them in next 24 hrs
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Old 1st July 2008, 14:36   #51
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Originally Posted by bblost View Post
I am a little curios.
Does not preclosing a loan carry a penalty.
Or is there something I am missing here.
Yes, I paid approx Rs 300-400 as penalty for the foreclosure -- that too for just 4 days before the loan would have completed it's term . but then had to exchange the car that day itself so no big deal.
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Old 1st July 2008, 14:42   #52
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ICICI is Bull***ting....I did foreclosure in May. I have called up 3 times. till now no luck in getting the NOC. I asked what if I go personally, will I get, they told me I will have to pay Rs 100/- and I can get that at branch.

This is ridiculous.
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Old 1st July 2008, 15:22   #53
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Its very normal with ICICI. Dont be surprised if you have to wait for another 2 weeks !! I went through the same few months back, luckily I got the NOC when I counted 45 days after repeated calls to the customer care and online complaints and escalating the issue to different grades.

My waiting costed me a bomb, as I had to foreclose car loan to get the maximum benefit of a home loan. So the waiting was a real killing.

Online escalation of the issue (you need to use your online banking facility and communication through the account) will make a difference than talking to some idiot on the customer care, each time you will be talking to a different idiot and will have to explain the whole story of the evolution of earth and how banks came into existence and how human beings started getting loans etc etc and finally how you desperately need the NOC ! All the best !
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Old 1st July 2008, 15:26   #54
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I have foreclosed my car loan on 11th June from ICICI, and they promised me that NOC will reach me in 7 days,after 7 days they said it will take another 7days, and all together they are playing around and i am yet to recieve my NOC and this is 4th week running after my foreclosure. Am constantly calling the bank to check, and inspite of their commitmment to send through speed post they have now dispatched it through ordinary post and its already past 10 days.

I would appreciate any of your suggestions to fasten (or workaround) to get the NOC much faster
Hi foreclosed my icici car loan in may, got the NOC in three weeks. According to what i have learned the delay is due to the process followed by the bank. Once you make the required payment to the bank your transaction needs to be updated to issue the NOC. There is generally a huge backlog at the updation stage. I was told that cash payments get updated immidiately. I have not verified this claim as i did an account debit for my amount.
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Old 1st July 2008, 15:56   #55
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Just FMI, whats the foreclosure procedure with ICICI.

Also do I get a refund for my Car Insurance, if for eg,. I move to another provider or move from Comprehensive to third party ??
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Old 1st July 2008, 16:59   #56
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ICICI is Bull***ting....I did foreclosure in May. I have called up 3 times. till now no luck in getting the NOC. I asked what if I go personally, will I get, they told me I will have to pay Rs 100/- and I can get that at branch.

This is ridiculous.
Paying 100 bucks will be more of worth than waiting for these morons to wake and bless us for what we are entitled
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Old 1st July 2008, 17:14   #57
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Just FMI, whats the foreclosure procedure with ICICI.

Also do I get a refund for my Car Insurance, if for eg,. I move to another provider or move from Comprehensive to third party ??
On Car Loan:Just call the call center and declare your intention, then will send the foreclosure statement. Along with foreclosure statement go to the nearest branch which deals with Loans and then close it. Preferably cash payment will quicken to get NOC, this is what was said to me by Phone banking officer

Car Insurance:You will get the refund if you move to another provider or if you sell the vehicle to someone and he wants to move to another provider. But please revalidate this with your Insurance Co.
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Old 2nd July 2008, 11:35   #58
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thanks freakster, do you have to give a date of foreclosure also (for them to calculate the interest etc).

How much time do they take to send the foreclosure statememt.

Whats the prepayment penalty for ICICI ??

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On Car Loan:Just call the call center and declare your intention, then will send the foreclosure statement. Along with foreclosure statement go to the nearest branch which deals with Loans and then close it. Preferably cash payment will quicken to get NOC, this is what was said to me by Phone banking officer
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Old 2nd July 2008, 12:02   #59
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thanks freakster, do you have to give a date of foreclosure also (for them to calculate the interest etc).

How much time do they take to send the foreclosure statememt.

Whats the prepayment penalty for ICICI ??
The foreclosure date will be present on the statement itself and even per day interest will be mentioned..usually they say they take 3 working days on email but I got it within 24 hrs.

Penalty was 5.65% on prinicpal outstanding
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Old 2nd July 2008, 13:13   #60
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Quote:
Originally Posted by dadu View Post
thanks freakster, do you have to give a date of foreclosure also (for them to calculate the interest etc).

How much time do they take to send the foreclosure statememt.

Whats the prepayment penalty for ICICI ??
ICICI prepayment penalty is 4% on outstanding loan

Freakster, I foreclosed my previous car loan with ICICI and those jerks didn't even leave the one time bounced check fine ( Rs.300) when i was foreclosing my loan. Imagine one bounced check in a loan period of 48 months.

They are ready to pounce on every opportunity to fleece you.
Luckily, i didn't have to wait for too long for the NOC
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