Oct 01, 2009 06:36 PM
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I have been trying to post this as a new review since 27th September but it just erased my earlier review on HDFC Bank and did not appear as a new review. Created this new id just so I could post this. Sorry it’s a long post, but the experience with HDFC has been extremely frustrating!!! The post was created on 27th September 2009:
My previous post on the LEADING PRIVATE SECTOR BANK in India had outlined the fiasco that I had to face while applying for a home loan. Thanks to HDFC Bank, Chembur Branch and my honorable Relationship Manager the deal fell through due to delays from the bank's side. Now I have had to face the incompetency of these jokers all over again.
Three weeks back I approached them for a car loan and was told that being a preferred customer (there comes that word again - its nothing but an insult to one's intelligence if they expect us to believe that we are indeed 'preferred') I had a preapproved auto loan of Rs 15 lakhs. My Relationship manager showed me the same on his computer screen too.
All I was applying for was 2 lakhs, and I had gone to the Chembur Branch (where I hold a "preferred" account) with all necessary documents including salary proof, identity proof address proof and what not. I was repeatedly assured that I need not submit any documents whatsoever except two photographs and the application form, and my loan will be processed. I kept insisting that they collect the documents from me but they refused ( they meaning my RM and the auto loan executive).
I insisted that they give me the exact breakup of charges and they mentioned that one EMI, processing fee of Rs.1000 and the stamp duty and franking charges will be deducted from the disbursement. After all this the loan disbursement amount worked out to around 1, 94, 000 and some odd rupees. I requested them to give this in writing, but they said it is NOT POLICY! I then took a sheet of paper from my RM, and wrote down in their presence this breakup so that there is no change later. I repeatedly asked them if there is any other amount, even 100 rupees, they should tell me now.
They said this was all. In the form, I verified that the interest rate, loan amount, tenure and processing fee were correctly filled in before signing. This was on a Saturday (12th September) and I was assured that my loan will be disbursed latest by Tuesday (15th September). I waited till Wednesday evening and had not received any response on the status of the loan, my RM and the other executive were not even answering calls. Finally on Wednesday night they inform me that they need to verify my income documents as HDFC Bank is not my salary account!
This is exactly what I had been telling them from day one!! On Thursday morning I am told that I have to include a co-applicant as I am not independently eligible for a 2 lakh loan...this was a major goof up and an additional waste of time as their system had already pre-approved me for 15 lakhs. I had to argue with them a lot and finally they agreed that I was right.
On Thursday afternoon (17th September) their executive met me and collected all my documents and also my signatures on all the agreement and forms. He kept insisting that he will fill in the values later, but I insisted that I will sign only if he fills in the interest rate and amounts correctly in front of me. He did that but he also took my signatures on a lot of side columns, and I have every suspicion that the form may have been tampered with later.The executive had promised me that by Monday (21st September) the loan will be disbursed. He assured me that the file will be logged in on the same day i.e 17th. I followed up on friday and was told that the file will be logged on Friday morning.
Later when I checked through phonebanking I was told that file was logged in only on 19th (Saturday). I had paid all the balance payments to the dealer, and requested them to give me delivery of my car on Dassera (28th September). To cut it short, it is 27th today, I have been running from pillar to post for my loan and it is yet to be disbursed. After creating a scene they finally sent an RO to the dealer yesterday that they will be transferring 1, 92, 000 and some odd rupees.
When I reconfirmed with them, the guy from the credit department says that my processing fee is 2150 and an additional 750 is dealer service charges. After multiple phone calls, I am told that the difference in processing fee will be credited to my account in 4 working days, and I need not pay the 750 as it is the dealer service charge. By now I was totally upset and angry with their way of working, and I insisted on receiving a written communication stating this.
I was finally sent an email that I have to pay the complete difference to the dealer tomorrow, within 4 working days they will credit the difference in processing fee to my DEALER's account and I have to follow up with the dealer for the refund of that amount. Again the 750 was mentioned as Dealer Service charge, which was nowhere mentioned when I had asked about deductions. The dealer flatly refused this argument and has said that I have to pay the complete difference if I want to collect the car tomorrow.
By the way, the loan amount has apparently not yet been disbursed, but on the basis of the RO the dealer has registered and hypothecated my car too. All in all I am stuck at the receiving end and have no option but to be at the mercy of HDFC Bank. I cannot pay up the 2 lakhs myself tomorrow as my car is already hypothecated to this unprofessional bank. It is a question of principle and commitment and I have been horribly cheated in this deal. Over and above this the credit department guy has the audacity to tell me that I have no right to lose my cool, that I have to speak with him politely as he is a "manager" and not an "executive".
The amount of 1900 (1150 of processing fee excess and 750 dealer service charge) is not a huge sum and one can easily pay it off, which is what I assume a lot of straightforward innocent customers must be doing. When will these large so-called reputed financial institution stop building its fortunes on the harassed minds of the common man? Is anyone listening? Is there a recourse for the salaried class?
