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Loan from Barclays Finance
Jan 13, 2010 08:05 PM 7770 Views

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I a few months ago I had an emergency at home and short of liquid cash so I thought it would be worthwhile to take a personal loan. But it was not a very good time. It was hieght of recession and not many banks were ready to come forward and give a loan. I thought I would try HDFC as I had a very good relationship in terms of banking and credit so I contacted a branch and they promptly gave me details of a central loan processing unit and they were prompt in the process. Only issue came was that my bank statements were less than 3 months old, so the bank personnel asked me to wait for a month. They informed me that as soon as I get the latest bank statement my loan would be approved.


I thought it is worth waiting. Out of the blue comes a call from a guy from Barclays mentioning that I need a loan. He says I can get a loan in 3 days flat with minimum documentation. I fall for the prey and give him documents needed. Now this guys says he is the area sales manager and comes to meet me in office with a laptop(dunno why) shows me an excel sheet of payment and high fundoo graphs of how my loan will not affect my financials based on my income blah blah blah. I don't understand why all this is needed. Finally I tell him that I don't have enough time to spend on this crap and ask their interest rates. He says 24 pc, I say thank you very much. return my documents please. His reply was "I will discuss with my manager and give you low rate". I say upto you and go back to work. In an hours time he calls back and says I can give you a 20 pc rate. I say no again. He says he will call back again, I say ok upto you.


He calls back at night 10 pm, (dunno if he is a real bank employee, banks close by 5 and tells me a final interest rate of 18 pc can be fixed if I take an Insurance from Max New York Life for a minimum premium of 25k per annum. I say no way. The next day he calls back and says the loan is approved sans the insurance at 18 pc but I have to secure it with insurance(which is now mandatory) and the premium is 8000 for a 3 lakh loan. I said upto you and hung up.


Next day he is outside my office and asks me to speak to his manager. I speak to the moron who says I am a valued customer(I dont have any relation yet) and they are offering me the best deal in the market. The guy now says that his boss is the country head for loans and he is promising me the best deal in market. I tell him grow up boss, even in recession there are people giving loans. In these all developments I was contacted by ABN AMRO, Citi, and Fullerton.


Anyway I went back to HDFC and my loan was approved the same day.


I was due to receive the funds via RTGS in two days flat. This guy calls me and asks my decision to which I say I already have an approval from HDFC. He says ok and hangs up to call back and tell me HDFC is chargin you X pc interest(he found out from his contacts), I promise a X-1 pc interest to you.


I said doesn't work my RTGS is on the way. To which he comes back to my office and offers X-2 pc interest. I wondered if Barclays is a global bank or a baniya ki dukaan(this guy btw was an aggarwal) that the interest rate is negotiated to this extent. I ask him to leave and not contact me.


It was a horrible experience with the Barclays staff to an extent that he spied on my bank accounts to gather info. I warned him that if I had proof I would drag you and HDFC to court.


So people it is better to stay away from such morons who are up to trap you.


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