HDFC Bank Car Loan. Review on Tips on Auto Loans

I took a car loan from hdfc mainly because I'm having a salary account with same bank . I avoided sbi even though they were offering less interest rates, due to more paperwork and requirement of two guarantors holding account in same bank.

I planned to buy the car from kerala when I reach there on Onam vacation. So I applied online for a loan in visakhapatnam through HDFC website. In next two days I got 3 calls from HDFC bank and one sales executive came to my office. All the formalities done and my loan got approved, All these without any visit to the bank

My trouble started after the approval of loan, As usual, executive insisted he'll fill all the forms and I have to only sign the forms( He said No cuts or over writing is accepted and he got some professionals for filling the forms)

Luckily I was not able to go home(kerala) for Onam so my father took the delivery of my car(wagonR) from kerala on Aug 25th 2009 and send me scanned copies of temp registration, insurance and invoice, . Same day evening I visited Visakhapatnam branch of HDFC bank and submitted all these copies for form 20(HDFC is supposed to give me form 20 with their seal and signature, without this form I wont be able to register my vehicle).

Bank officials denied to give me Form 20 saying there is a mismatch of amount in my quotation( which was faxed to the bank by the dealer from kerala) and final invoice.(As per my online data my quotation was for some 3.73 lac( later I understood it was a mistake by the form filling professional who filled in on-road price instead of ex showroom price)and invoice was of 3.4(ex-showroom price)

The worst thing was bank officials said it would take one week to clear this issue, as it is month ending. I told them if I could not register my vehicl in 7 days from delivery date I'd have to pay fine for registration. But the clearly said nothing can be done as its a mistake from mine and dealers part . I launched a complaint through the HDFC website and next day I got a call from same branch in response to the web complaint and the too mouthed the same phrase. I waited for one week( After 7 days of delivery vehicle can be registered within 30days with a fine of 500 RS, and after 30 days police verification certificate and lot of legal procedures are required)

After one week I called the bank official as HDFC sales executive(loan agent) was not taking my calls and their response was as I posted a complaint, let it take its own course.

so I sent an email to the HDFC bank grievance redressal cell mentioning all my loan details and the problems i'm facing. Next day I got a call from sales agent asking for when can I reach bank for collection of Form 20

I collected the form 20 from the bank and sent it to kerala . but after three days my father called me saying he could not register the car the form 20 issued was of old format and it is abolished one.

I again reached the bank with the copy of form 20 and it was almost 06 30 pm and I met a different executive and asked him to help me, just by seeing the form he said it will not work and he gave me new form 20.( this incident make me feel they gave me the old abolished form 20 deliberately because I raised the problem to grievance cell)

Finally I got my car registered on 23rd September 2009, 29th day from the delivery of my car

the main thing which hurt me was I suffered a lot of mental agony for whole one month due to a small mistake by some bank official. All these can be clarified in two days was stretched over a period of one month

I'd advice If you are looking for a car loan

1. take the loan from same place where you will be taking delivery and registering the vehicle.

   
   




2. never believe the loan agent. make him fill the form for you and sign only the fully filled form, this 2 hour or 1 day delay cold save you from all the bad experience I gone through

   
   




3. In any case if your any bank related issue is not solved in 30 days from you lodging a complaint( never close a complaint if you are not fully satisfied) go to banking ombudsman.

   
   

4 If you take loan from any branch, you will have to do all the formalities from same branch it self( I was expecting to get the loan approved from visakhapatnam and do all further paper works from kerala branch)

Everything was fine and I still bank with hdfc but a bad after sales service, which spoiled my all programs for onam vacation and make the beautiful moment of buying a new car a horrible experience

I won't recommend a car loan from hdfc visakhapatnam branch