Chandigarh Consumer Forum Orders ICICI bank to Rs 50,000 for Over Charging

Chandigarh Consumer Orders ICICI bank to Rs 50,000 for Over Charging

Chandigarh (Mera Chandigarh): The Chandigarh District Consumer Disputes Redressal Forum has ordered to ICICI bank to pay compensation of Rs 50,000 to S.Hari Singh, resident of Mohali for charging more interest on loan taken by him.

Chandigarh (Mera Chandigarh): The Chandigarh District Consumer Disputes Redressal Forum has ordered to ICICI bank to pay compensation of Rs 50,000 to S.Hari Singh, resident of Mohali for charging more interest on loan taken by him.

The complainant   took a personal loan from the bank to the tune of Rs 41,060 returnable in EMI (Equated Monthly Installments) of Rs 2,222 at the rate of 14 per cent per annum with decrease in EMI & rate of interest after every six months.

Where as ICICI Bank gave him loan of Rs 37,696 only and deducted Rs 3,364 as process fee and first installment of his EMI where as the recovery of loan had to start from next month.

Again bank cheated with him when it did reduce EMI and rate of interest as promised by bank at time of giving personal loan to him.

By doing so the bank overcharged Rs 12,000 by way of inflated and illegal interest rate.