I got a loan sanctioned from the icici bank rander branch of rs 33600 on 2/4/2011 against a bajubandh 24.30 gm(18 carat)and chain 6.36 gm (21 carat). which was renewed twice as below 1. 3/4/2012 2. 17/4/2013 at the time of second renewal i.e 17/4/2013 the bank official asked us for agri documents (7/12 letter) to continue with interest rate of 13%. previously never it had been asked so we were quite shocked, due to lack of it he told us that bank will charge you 16% interest. he said he can wait till Monday if we want but being too busy it would at least take a month for us to get the document. so instead of going for 13% we decided to carry on with 16% rate of interest and submitted documents and paper required for renewal. after submission the bank official signed our loan paper s with the new renewal info. and told us to bring full amount next year as the loan can only be renewed twice. according to that we went on 23/4/2014 for bank to close our loan and there we came to know our ornaments had been auctioned. the bank had auctioned ornaments around 25/7/2013 i.e. around 9 months before end of loan tenure as a bank official didn’t enter renewal details in the banks computers and the form still lies in the pending documents. during the auction the chain has been mentioned as 18 carat which is not true. i along with my son who was present at our every transaction with bank tried to sort out the issue with bank but the bank doesn’t want to return the ornaments and the amount they are willing to pay is petty according to price of the ornaments.

30.66 gms gold + making charges + no penalties what soever from bank along with reasonable compensation for physical and mental stress + any legal procedure charges if legal proceedings are needed we are willing to pay loan amt to the bank if its ready to give us our gold back

Complainant Information
name- kmbhatt e-mail desitarang@gmail