Jan 04, 2009 03:09 PM
10028 Views
THis is to highlight the painful process followed by ING Vysya to process my loan application and to highlight the un-professi0nal attitude shown to me.I applied for a personal loan through Bankbazaar.com to your Bank on 15th November 2008, subsequently; all documentation was collected from me on 22nd November 2008 by your sales representative Mr. K T Raju at my Bangalore office.
A personal verification in Office, followed by verification at home was conducted in the next two days. There after there was no news of the sales agent serving me the product. When I called the concerned person on 29thth November, I was told to reveal if there are any outstanding loans on my name from any other banks. I had already provided the reference number of the active auto Loan through ICICI and also marked the EMI being debited from my account statements provided as documentation. At this point I am not being told as to the exact nature of the query.
Subsequently after a week around 4th December when I call the executive again, he reports that the CIBIL CIR has returned information that I have an outstanding loan from another bank whose EMI is not reflecting in my current banking statements. To which I confirmed to him that the loan was closed as of 5th November 2008 and that that information was incorrect. On questioning him further he revealed to me that the CIR is updated as of September 2008, which ideally was the last month of EMI of EMI of that loan.
When I asked the sales representative to once again cross check with CIBIL to get updated information he very rudely told me, it is not ING Vysya’s responsibility to get update banking information from CIBIL and that they will not cross verify that information again and if I wanted the loan I must get this cleared. On the contrary he asked me to follow up with my Earlier Bank to submit the correct information to CIBIL. On contacting my Bank, I was told to furnish the CIR tracking number which I was unaware at that time, as the Bank wanted to delegate the matter using the CIR number. I subsequently asked Mr Raju to provide me with the CIBIL Tracking Number for the CIR, which he refused to give and neither did he give me a copy of the bank application form or an acknowledgement of the loan application which I could use for any further communication. On 6th December 2008, I was contacted by a call centre representative from ING Vysya to discuss this matter after I escalated the issue with Bank Bazaar.com who had initially processed my application online. On this they requested me to issue the loan closure letter as proof that the loan was closed. Via Email Dated 6th December 2008 I have sent the scanned copy of the closure letter from my earlier bankers to anithad@ingvysyabank.com and confirmed that they have received it. I have also followed up the same via a call to Mr Raju on 9th December on which he assured to get back to me by 10th December with the status of the application. On 13th December when I have called up again, I am now told by Mr Raju and a representative who called me that they need the entire loan repayment statement issued by my earlier Bank as the letter sent by me was no acceptable to the credit manager as they could not verify the authenticity of the contents. The application is on hold and there is no further communication to me officially or un-official from ING Vysya despite several calls to Bank Bazaar or to the sales agent.This whole episode as rather broken my confidence in their institution and their so called fair banking practices. Following are points for consideration .I have given written consent directing my current bank to verify my the statements provided as documentation to ING Vysya, why can’ t this be done to ascertain the authenticity of the loan closure document provided, as your credit manager rejected on grounds that they can’t verify the authenticity of it. Like ING Vysya, my earlier banker is also part of the CIBIL regulation and routines setup by government if India, knowing that the CIBIL database is updated quarterly, how can ING blindly rely on the CIR and ascertain that I have withheld information. AS a customer, I have no control on these mechanisms set up by the government and agencies like banks. If really needed, ING can communicate with my current bankers, with a request from me and verify the details. This was given as an option to their sales representative and he refused to accept it saying it is not ING’s responsibility.IN fact, in order to get the updated information from my earlier Bankers for the CIR, I requested the sales representative to issue me a official letter or an email explaining the situation with the CIR tracking number which I could forward to my Bank in order to get the clearance, which was also no facilitated by ING Vysya representatives.On collection of documentation on 24 November, I was told by Mr Raju that he is getting approval for it and it will disbursed in 3 working days. Subsequently in the next conversation on 29th November, he again assured me that the approval was done and that he only needed to clarify the pending loan details of other banks, thereafter on 6th December when I have forwarded the loan closure letter, he again assured me that the approval is done but for this document the disbursal was pending. I consider this as marketing lies than a professional assurance given to the customer to gain confidence.6. I asked the sales representative to give me an application acknowledgement or a reference number, which he was not able to provide and all he gave me was a visiting card. This is the most unprofessional way to take a loan application from a customer. All through the incident, I have made several calls to ING Vysya representatives, when it should have been the reverse. Also ING is not able to take a final or alternate standing on this issue to make it work or issue be a letter official stating their inability to process the application further for lack of whatever information is required. I see this as poor customer service.This incident has wasted my personal time and efforts and the purpose of the loan is defeated. I still do not have any idea on the status of the application. I will never recommend this institution to any one for the lack of professionalism shown, their sales agents and representatives are not capable of delegating the matter and neither did any one senior contact me to resolve the situation. I am really surprised that that Bank is conducting business this way.This is also a reminder to Bank Bazaar.com who is facilitating business by providing prospective applications to banks via their website, every application where customer is not satisfied with the outcome will tarnish your website service equally. So be ware of banking practices. Banks are not Gods, customer is GOD.....Or rather in this case a DOG.
