Hello All,
Regardless of how great the offer from LIC HFL, it might sound more awful than Private division banks. In India there is not really any standards from RBI to keep these foundations from transparently conning and denying people of their barely earned cash however since LIC is state possessed one would feel that they will get an alternate treatment and that is the place I turned out badly.
Connected for an advance of 22.5L in walk 2007 that got affirmed on 30 March with financing cost of 10%. Sum got dispensed in May 2007(floating advance) and loan fee was expanded to 11.25% and emi was expanded by around 2500 Rs. At first I think for around 1 to 1.5 year I used to get an overhaul about financing cost on my credit each quarter and it was balanced according to winning business sector rate however that halted and since they the rate has dependably been much higher.
This week when I abandoned the loan(after paying an EMI of 23715 Rs for each month for a long time and 3 months) the equalization was 18.84L. They charged me some hobby and record recovery charges and aggregate sum I needed to pay was 18.94L. I asked them that present rate being offered by LIC HFL is 10.15 then why such a high loan fee for an existing(loyal) client. Got no answer.
Inquired as to whether they have any offer to pay some sum and get the financing cost reduced(as offered by HDFC and ICICI and different banks) yet they don't have any such alternative. What's more, most noticeably awful thing their staff is not in the slightest degree client inviting. Run of the mill govt. representative mentality. So for anybody picking a credit from LIC HFL BE AWARE.
In the event that you are going for an altered advance residency then move to some other bank when the settled period is over.
