Feb 01, 2011 03:44 PM
3988 Views
I have been very vocal when it comes to banks that have cheated me. You can read my reviews on HDFC and ICICI who are nothing less than butchers. So I felt pressed to write a review on a bank with whom I had a good experience. I was looking for a loan to take care of my sister's marriage expenses. It was at that time when I was almost cheated by the HDFC thug, who promised me to get the loan approved (it had already been rejected by the bank) inlieu of a commission. I started wondering how this guy got my information and how can he make such promises without having someone inside HDFC providing him the information. I declined paying him commission and thought God will help me through some other bank.
That's when I got a call from Axis bank and I asked the executive to come to my office to collect the documents. I was promised a personal loan at 15% APR with interest calculated on reducing balance. I was told that I will get a cheque in about a week's time after deducting a 2% processing charge. I was informed that there will be no foreclosure charges after 6 payments. I signed for the ECS option and the EMI was deducted from my salary account. I had also created an excel sheet to track the payments and the balance remaining accounting for the interest charged every month. I paid the EMIs for around 2 years through my salary account. When I got the remaining amount in hand I called up Axis bank and checked what was the remaining principal balance according to their records. To my amazement, the value I had calculated in the excel sheet was just Rs 2 away from the figure given by the bank.
That shows there was no miscalculation and the calculation was completely transparent. I went to the bank with my cheque book and took the final amount from them and tore a cheque for the amount they quoted. In two weeks I had the account closed letter sent to me along with a refund cheque of the additional interest I had paid.This was completely in contrast to the experience I had with ICICI who charged me 5% preclosure charges even though I had made payment for around 3 years on my personal loan and 2% preclosure charges on home loan.
