Feb 28, 2022 03:59 PM
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General assumption of public is that they are protected with nationalized bank and it has ethical practices. We too had such assumption and ended up with SBI Home loan. Later we started getting the true face of them. They are nothing but Scammers, Fraudsters, criminals, goons doing all unethical trade practices all while projecting themselves to be national icon, serving people.
As mentioned above, SBI Home loans group is the most big cheating / fraud group. As an IT professional working in many countries, considering the rampant corruption, malpractices, unethical trade practices we thought that a nationalized bank is safer to have home loan and we availed home loan with SBI Home Loans, Trichy. What happened to us is the most shocking and even an eye-opener for many in this country. Yes, we become one of the victims of their fraud & scam, which we never expected with SBI.
After availing loan with SBI, they asked as to sign a membership form, which they mentioned is to protect the loan in case of mishap. Being in IT that requires frequent overseas travel we signed the form after their confirmation that whatever they do with it they will do only after our prior discussion and approval. Also we clearly mentioned that we already have high value life insurance policies and no need for one additionally. They forced us to sign the form stating it is just a membership form and no one can misuse it.
What these cheaters did is they silently created a Life insurance in our name(no insurance information shared anywhere), to pay that insurance they silently created a personal loan in our name at high interest(no information shared). Neither the insurance nor the personal loan appeared anywhere in our account even in Yono app or online banking. There was not even a single communication on any of these in last nearly six years.
After nearly 6 years they cunningly communicated us about a personal loan of high interest which is not paid and became as NPA(Non performing asset) . They asked us to pay nearly 6.5 lakhs with interest immediate. As we have never taken loan, never received any insurance, never had any of these appeared in our SBI customer apps, we were shocked and sent a mail to the head of SBI Home loan group of Trichy RACPC. While the communication was happening with the promise of resolution, so many started calling from SBI Insurance & home loan threatening us with dire consequences including destroying our credit history if not paid, also they reported it to CIBIL as if we are defaulters and brought down our credit history from the highest segment to the lowest one as SUB though we paid the EMI through auto debit on time all these years, even CIBIL history shows a detailed prompt payments till date.
Why on earth one need a Term Life insurance at ten times the cost of market, that too from SBI? Again when earning well, why one need a personal loan to take a term insurance to pay that premium has no logic for any customer. We have given our property with SBI only for home loan, now they are creating additional loans as they wish and linking that to the property, not allowing us even to move the loan to other banks unless we pay the fake fraud loan they have created in our name. Interest rate is being levied at 8.0% though it is floating and other banks are offering at 6.7%. Additionally, periodically they add additional amounts as charges of several thousand to the loan account. Shockingly they even keep debiting required amounts from SBI with no description on deductions made. Even their own customer support is unable to figure out where these debited amount goes.
This is a huge scam in the country, and the way SBI / its staff are indulged in this unethical trade practice is very shocking. They cunningly entrap the Home loan customers to increase their insurance & personal loan business through fraudulent means, unethical trade practices, all the time while acting naive. What is so shocking is, what sort of audit practices SBI has that allow such silent creation of fraudulent life insurance on the consumer name, and to create a high interest personal loan to pay the fraudulent & unauthorized life insurance policy all without the consent of customer, again all without it appearing anywhere in the system for years.
Written only a part of the sufferings we went through SBI, there are other tons, not including those for space constraint. Having taken loan from this fraud SBI group, we are going through lot of mental agony and hardship including bringing down our CIBIL score from highest to the lowest defaulters segment. Shocked to see so many criminals in this nationalized bank. Still suffering with no resolution or even responses.
Reported with SBI officials, having months of communication with them, going up in their escalation matrix, with the experience we are getting at each level we have lost the confidence on them in getting justice. We are being advised to expand it further to include RBI, IRDAI, Ombudsman, consumer protection legal options as well.
We and none of our relatives or friends or co-workers will never do any business with SBI. SBI Home loan is filled with Criminals, unethical trade practices, goons. Clearly stay away from fraud & scam filled SBI. Never get carried away by the national brand they project everywhere and the care they show on social media.
