November 4, 2012 12:34 pm
Dear Nilesh Tank, what’s your reaction now?
1% Cashback offer on EMI of HOME LOAN from ICICI Bank is classic case of MISSELLING.
1. The offer does not apply to PREEMI.FIND OUT HOW LONG YOU WILL BE PAYING PREEMI.
2. 1% cash back is given after payment of all 36 EMI( EMI START AFTER PREEMI).Time value of money which i presume is taught at IIM lucknow,therefore, consent to name it’1% CASH BACK on EMI’ is misleading and misselling. ICICI Bank considers time value of money for calculation of EMI from borrower but not only ignore the same concept for calculation of CASH BACK but also mislead by giving wrong name to scheme. The 1% Cash Back may result in taxable income to the customer. Please consult with tax advisors.
3. Next time, 1% is given only after making 12 EMI in time and so on till loan is over. To call this 1% is again misselling.
4. Calculator on icici bank site creates illusion of ‘credit against principal o/s ‘option more attractive, which is also not true.
5. Other T& C further result into restriction on convenience of borrower.
6. JUST CHECK HOW MUCH SALARY THEY GET FOR DOING ALL THIS TO INNOCENT BORROWER LOOKING FOR ROOF OVER THEIR HEAD by paying life time savings.
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