Kind attn: Chanda Kochar/Kalpana Morparia/Lalita Gupte/Rajiv Sabharwal

Chanda/Kalpana/Lalita/Rajiv

It is with a lot of anguish & pain that I decided to write to you today. As a prospective & potential customer, I want to let you know that I will NOT go for any loans whatsoever from ICICI & neither will I be recommending ICICI to any of my friends and acquaintances in India & abroad. While my decision is unlikely to change (unless you turn things around), the least I expect from you is to answer my concerns:

1. We (My wife – Kartiki & I) had requested for a home loan through ICICI on 1st March 2007 and had filled in the desired paperwork on the very same evening. Ideally, this should have gotten registered in your systems the next day (2nd March 07). However the registration (SR19724110 registered in the name of Kartiki Jha) happened on 8th March 2007. Can you please let me know why there was a delay of 6 days for the registration to happen in your system?

2. It has been a month and I have no clue of what is going on with my request for a home loan. The expectation from any service provider is to atleast let customers know of what’s going on with their request. However, on the contrary ICICI representatives made just 4 calls between March 1st 07 & today, while I have made more than 15 calls to understand where my papers have gotten stuck. Isn’t it the banks fundamental responsibility and imperative that it updates potential customers on their loan status?

3. I was made to write a cheque for processing fee on March 1st itself. However I was told to keep the amount as blank and make the cheque payable to “ICICI Bank” despite the fact that such a cheque could be potentially misused. Thankfully, I was aware of this and immediately questioned the representative who inturn asked me to write a different cheque bearing some more content. Is it fair for your representatives to ask for such cheques? What kind of values have you instilled in your employees?

4. Every time I need to check on my loan sanction status, I need to call ICICI. It has NEVER happened that I have received a call with an update. Why are your representatives so lackadaisical & lethargic?

5. Do you really think any builder would wait a month for a loan to get sanctioned? I have been bombarded with a barrage of calls from the builder, putting pressure on me for closure. Please let me know in very clear terms HOW LONG will it take for ICICI to close this case? Because the loan sanction is taking ages, many other critical commitments from my side are on hold or have gotten cancelled. Please tell me how does ICICI plan to compensate me for this opportunity cost?

6. Honestly, I really wonder and am intrigued by your punchline – “Hum Hain Na”. I can tell you one thing – you are never there when required the most. Why don’t you change the punchline?

7. Lastly, I have an exiting home loan from a different bank. And they have been far more professional, considerate and people friendly than ICICI. It took me exactly 5 days in 2003 for my loan to get processed. Today, I can let go of my current home loan request with ICICI as I already have homes in Mumbai & Bangalore and not in dire need of a house. However I shudder to think what 1st time home seekers would be going through with ICICI.

The ground realities are far different that what is being perceived by the management sitting in the power corridors of ICICI. At my level and at the level of any other middle class home aspirant, ICICI is a brand that does not deliver. Maybe ICICI has enough business to keep the pipeline healthy, but how far & how long would this attitude take ICICI?

I await in anticipation.

Best regards

Abhishek

Kumar Abhishek Jha

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hum to aise hain bhaiya , hum to aise hain bhaiya