Car Loan

I have taken a Car Loan (No. LASOM xxxxxx) for Rs. xxxxxx/- from ICICI Bank Limited for a tenure of five years. Against this loan, I have submitted 60 No.s of Post dated cheques towards payment of the monthly Equated Monthly Installment (EMI) of Rs. xxxx/- each.

ICICI Bank has wrongfully accused me of defaulting on my loan repayments and has imposed heavy fines and exorbitant interest (vide letter ref: xxxxx dated 16.01.07). Whereas, after extensive email communication and my personal visit to your office at Videocon Towers, Jhandewalan Extension, New Delhi on 22.02.07, I have provided credible evidence (bank statement) that it is ICICI Bank that has failed to present EMI cheques for collection to my bank.

Secondly, despite my active pursuit of this grievance with ICICI, it has demanded that I repay the entire outstanding amount of Rs. xxxx/- and threatened (vide notice ref: xxxxxx) to confiscate my car if I failed to do so.

Despite it being ICICI’s fault, I have made an interim payment of Rs. xxxx/- for an early settlement of claim on 16.03.07. I have also converted my EMI payment from Post dated cheques to Auto-debits of ICICI bank. Even after 30 days, I am yet to receive my old Post-dated cheques or any further communication from ICICI.

Two months have elapsed since I took up this matter with ICICI and am yet to receive a resolution to my grievances. It is gross misconduct and deficiency in service on part of ICICI. I have a right to be compensated by ICICI for the harassment, emotional and financial strain it has caused me. I also demand that the entire loan be foreclosed without any charges and I be issued a letter of apology immediately.

Do you still need reason to join me in this fight for justice?

Manish Marwaha