Sep 14, 2005 02:48 PM
3966 Views
(Updated Sep 14, 2005 02:48 PM)
Wanted to share my ''horrible'' experience with HDFC bank used car loan dept.
I applied for Used car loan for a small amount of 60,000. On first day (information day) their executive (Mr. Rahul) told me it will take around 3-4 business days to process and disburse the loan amount. I was told that I have to bear the charges for valuation of car and nothing else. Next day one other executive (Mr. Jitendra (Jitu)) visited my place and filled all the forms, done all the paper processing formalities and I was assured to get the draft on Monday or latest by Tuesday. On Tuesday after inquiring I was told that it has been pending approval from my permanent address (Delhi). I am currently staying at Pune. On Wednesday Mr Jitu told Rahul that I have not given all the documents on last Thursday and documents were given to him on Monday. Also I have been told by Ms Manasi from Credit dept that verification of the permanent address has been negative since my home was locked and neighbors told that owner shifted to Pune. On cross verification from my parents at Delhi I came to know that Mr Manoj Sharma from Delhi HDFC branch verified the address on Monday and collected all the required information from them.
After that on Thursday , I have been told by Mr Jitu/Rahul that I have to bear the expenses of hypothecation, which was not told to me at the time of filling all the documents. And after that they for post dated cheques, which was not communicated to me earlier by their executive. I was told that standing instruction does not require post dated cheques.
Finally I have to cancel my loan after a week of starting the processing. Now nobody is going to reverse the fees that I paid for valuation . I was told that I will get valuation report which I can use in future. Till date I haven't yet got any such document. HDFC guys returned xerox copies of the document that I have given to them. I didn't get the agreement or standing instruction that I signed. Now after all this I can't rely on such a bank. Since standing instruction has my signature and authorization to direct debit my account, they should have returned that document as the loan If all such things have been communicated to me before I would not have faced such problem. And due to all these I have to unnecessarily delay the payment for buying car. I don't know this delay might even lead to cancellation of car deal.
This kind of harassment for a small loan amount, ridiculous isn't it?
