Jan 12, 2009 01:35 PM
2293 Views
I am very frustrated today thinking that why most of the banks in India can't provide good customer service to there customers or stop telling lies to mis-sell there products. Now I truly believe that the Banks think that we should be grateful to them who allowed us to do banking with them and keep praying that they don't charge you for some service without informing you. Or even if they do something wrong we should be very polite to them in case they get angry and do something that you are never able to resolve your issue.
Why I am writing all this? Let me explain my case before going further.
I took a home loan from Stan Chart bank 3 months bank. I decided for this bank as the interest rates were competitive and the my building was already approved in this bank meaning I can get my cheque in 3-5 days. I filled the form, gave them all my income and flat documents. The loan got approved in 3 days so I booked an appointment in the registrat office after 2 days. Just a day before I get a call from them saying that I need to take a home protector insurance from Them so that in case of any damage to the building the insurance will pay the damage amount. I asked whether it is compulsory as I was short of money at that time and they said it is. And if I dont want an insurane I need to wait for 7 day to get approval again. So, I thought for some moment and said yes to the insurance.
This was my mistake. Later after all the formalties were complete I called the customer care for some issue and before keeping the phone asked him whether it is compulsory to take the insurance with a home loan. The guy told me that it is not compulsory but it is for your benefit we suggest it. I was shocked to hear this. I paid 35000/- as premium for the policy of 15 years and that too the damages will be paid to the stan chart bank first and then they will decide whether to give the money to me or clear there loan with that.
To find the amount I wiluld have got if I tool the insurance independently I again called the insurance help line and asked him to give me the approximate quote. He told me that the premium would have remained the same but I would have got the longer coverage.
I sent a letter to the manager, Customer service giving all these details and asking for an explanation and she replied to me in a single line that- We have your signed insurance form and we hope you have our understanding. Now what can she mean by this letter. Does this mean that since I signed it I cant do anything. I replied saying that I wrote a mail as it is the process that needs to be followed before giving my appicaltion to the Obdusmen and Consumer court. I am not satisfied with your reply so I am sending a letter to the Nodal manager now. If I dont get a satisfactory reply I will take my case further.
However I am not sure whether taking my case to the banking obdusmen or consumer court will help me in anything.
