Recently,I applied for a loan for purchasing a Maruti car in Trivandrum, Kerala. The dealer suggested an agent and he was from ICICI, that's why I went with ICICI. The bad part is that they told me the interest rate would be 9.5% during the talks, in the end it turned out to be 11.5%. Always they will talk to you only in terms of EMI paid. Not only that, the bank charged interest for my first instalment also which was with the down payment.
I told the agent of my intention to close the loan soon. He guaranteed that I can close it after six months, and there will be no fore closure penalty provided I pay without default for the first six months. This was all false, I paid the penalty and by this false clause of waiting for six months the agent made me wait till six months simply paying interest, the major chunk of the monthly EMI is interest, the principal paid is a lot less.

I should have got the agreement and checked, but somehow they delay the copy of agreement given to you and by that time the vehicle is out of the showroom. Never thought that a bank like ICICI will stoop to this level.

The paper work should be more user freindly.