Thoughts about ICICI

Hi Sachin/Ranjat,

thanks for your thoughts.I agree it might be of help. I also learnt that you can pay some amount and convert your loan profile to enjoy the interest rate as if you are a new member.

However, for almost 2 years since I started paying the loan, I noticed following about ICICI bank:
- Highest interest when compared to all other banks
- Raises interest as soon as RBI announces increase in the interest rate, other banks takes time including HDFC
- Be the last to reduce, that to very considerably when RBI decreases. I noticed atleast 3 months is taken by ICICI to respond to reduction.
Also I managed to pre pay some amount last year, inspite all that, the reduction of loan amount after paying for close to 2 years excluding my pre payment is less than 1 lakh, which is very shocking for me. This is all because of high interest rate. Even when we pre pay or increase the EMI the rate has the maximum say.

Moreover I am looking forward a reduction of atleast 2% if I convert. I also learnt HDFC is giving 9.75% when compared to 10.25% of SBI, but I still want to stick to public sector banks like SBI [RBI has 60% stake] or IDBI so that I can have healthy and trustable relationship which I didn't felt anytime with ICICI during the terms. Comments are welcome from others too.

In the mean while I cross checked the worthiness for the conversion using the following the link
http://www.apnaloan.com/loan-advice-india/transfer-exisitng-loan-calculator.html
I request Amarjit, Shiva, Balaji to check your conversion worthiness. I am planning to visit nearby SBI at 1:00 PM tomorrow, please let me know when anybody wants to join.

Best Regards
Karthik [101 A]