Jan 30, 2005 08:03 AM
6015 Views
(Updated Jan 30, 2005 08:03 AM)
I bought a house in Yr 2000 taking a loan from Oriental Bank of Commerce. Two and half years later when interest rates dropped, I switched over the loan to IDBI Bank. The transition was done through their agent, Apna Loan.Later I also took an home improvement loan from them. Everything was smooth. But the trouble starts after that. Once the customer is in their net, they dont bother about you.
At last I was forced to switch over from IDBI Bank to Kotak Mahindra Bank.
I will list out their salient features.
One have to remind them a minimum of 5 times for the annual statement of interest.
The loan with them was fore closed on 30th Novemebr 2004. And they returned the original document after 50 days. Reason my accounts were not closed.
Why? Suppose I have main loan Rs 850000 and additional, loan Rs 150000 under different account numbers. I gave a cheque of Rs 1000000 for closing both the loan accounts. They put Rs 500000 each in both accounts and kept the whole transaction pending saying that there is excess in one account and deficit in the other.
Loan closed atlast, but the no dues certificate was issued in the name of a property in Udaipur, where as my property is in Navi Mumbai.
In between even after making payments on 30th of November 2004, IDBI bank presented the EMI chequ to my saving bank on 10th of Decemebr, which I had to stop for payment. They charged cheque bounce charges for this and this charge was not included in my for closure amount. Then mty account remained open again.
Due to above reason interest statement for the current financial year was send to me after 60 days of loan closure.
Now You decide whether to go to such mismanaged bank.
