ICICI two-wheeler finance
The following is based on a true incident. Its not fiction.
Scene 1 :
X takes his two-wheeler out of his house and parks it in front of his gate.
His mom calls from inside and so X goes inside the house to respond her leaving his vehicle outside.
On coming back he is shocked to find his vehicle missing!
What! missing? How come? It was here a moment ago?
For sometime he thinks some vehicle thief had stolen his vehicle and proceeds to lodge a police complaint.
Now what if i tell you that his vehicle is not actually stolen but his financier ICICI Bank had actually taken ‘peaceful possesion of his vehicle’ in view of his failure to pay the due for the last month or two.
Read another related incident here
I mean its totally wrong to buy something and not make payment for the due amount. The bank is fully entitled to receive its outstanding amount or initiate proceedings. No second opinions on that. But taking possession of the vehicle without even intimating the owner like a robber is so damn cheap. Its just third rate behaviour. Not even the eetikaaran seen in tamil movies would stoop down to such levels.
All this is from one of the top private sector bank in India.
And Oh Yeah Customer is King!!!
January 19th, 2006 at 10:22 pm
the fine is no big deal… if the courts give a token imprisonment sentence to the bank higher ups, even if it is for one day, they wouldn’t dare to do this.
I know for sure that Citi were doing this. A friend of mine working for the bank in late 90s told me that they would outsource the ‘recovery responsibility’ to other company.. the other company is nothing but a bunch of rowdies.. think the bank got a warning from the court or something.
January 19th, 2006 at 10:24 pm
sad state of affairs PK,
namma makkalaum eppadiyavadhu vangidanumnu oru mentalityla irukiranga ennatha solla
btw Jayvoda pudhu song keetingala
January 19th, 2006 at 11:12 pm
Hey Prabhu-
It is remarkable the methods used by banks to recover debts in India. They just stop one step short of blatant rowdyism.
There was a recent case in Delhi about a hard working vegetable seller whose two wheeler was reposessed after harassing his family members for payment. He committed suicide later.
These thugs scope out the daily route of the person who took the loan. Sometimes they just grab the handlebar and act rough. There was a case in Kovai where a poor fellow was stopped near a bridge and his vehicle taken away by these hired thugs.
The Kovai SP gave his cell phone number to the public asking them to report such incidents to him directly.
The banks are really getting away with this type of behavior. This is just an accident waiting to happen. One of these days these thugs are going to get beaten up by some defaulter who happens to be an even bigger rowdy.
End of rant.
Nice one prabhu.
January 20th, 2006 at 12:04 am
ICICI really sucks man.
I defaulted payment on my Cr.Card for a couple of months after several mails from me evoked no response to solve a doubtful charge. Some dudes come home to discuss the issue. As we are in the process, I get a call from ICICI asking me if I would like to go in for a Personal Loan :-). I say, why not, gimme a loan and adjust my CC payments from the loan. You should have seen the look on their faces. That’s how ICICI operates.
Another thing I dont understand is why this bank should give an email facility thru Infinity banking and yet ask us to go over to the branch to sort out the issue. Beats logic.
Whatever, I’ve started recording all telephone and direct conversations with these guys. One threat and I’m gonna call up the CoP’s office.
Btw, did X prefer a complaint? He should cos wot ICICI committed is a crime.
January 20th, 2006 at 9:06 am
aiyo serious??
that is really quite cheap..
ICICI is such a big bank!
i wonder whether other bigger banks are doing this.
January 20th, 2006 at 1:39 pm
a smiliar incident came up some 3-4 months back and it was again the same bank… though possession of the vehicle is allowed if the person who took the loan defaults, there is a proper legal way to do this stuff… issuing notices for a couple of times, going to court and then possesing the vehicle…
January 20th, 2006 at 1:53 pm
chakra
seriousa consider panna vendiya vishayam neenga solradhu
ganesh
innum illa ganesh. will come there
vivek
danks:) dont see an end ot all this in the near future
don
this is corporate mafiadom don:)
revatechnic
all big private sector banks suck in this aspect
NK
legal? apdoinna enna?:))
January 20th, 2006 at 5:16 pm
It is like a movie incident. I think all private banks have a secrect bodyguard to collect vehicles from there customer who dint pay the due.
January 20th, 2006 at 5:16 pm
I find always people complaining about ICICI everytime…..
January 21st, 2006 at 2:06 pm
jeevan
enatha solradhu po
susubala
i hope u r not working there:)
January 21st, 2006 at 5:30 pm
ICICI is better compared to other banks. A few years back Citi bank sent some goondas to collect credit card payments. As the guy did not have money they gave him an idea of asking him to sell one of his kidneys. Very barbaric. But then this is the state of the materialistic world today.
February 20th, 2007 at 7:36 am
I purchased a bike financed by icici ,on 13 nov 2007 on 0% finance..i m not happy with icici ,there are a lot of problems regarding this matter.Now i think why i went for finance from icici.
their staff is now telling me to give full cash or pay the interest.if not solved ,i will go to consumer forum soon.
neeraj saxena
bareilly u.p.
mobile 9359122527