I have got an active business loan with Capital First which I borrowed for my software company. It is the biggest mistake of my life which I regret and won’t ever forget in my entire life.
The loan tenure is of 60 months and I’ve paid for 36 months. Our friend Amrita Agarwal who answered earlier either connected to them or prematurely witnessed mistakenly. Let’s learn the catch and the real experience.
People never approach these privatise tiny financial institutions right away or Capital First is never in someone’s primary list. First of all, people try to cope up with government banks like SBI, PNB and so on. Getting financial favours from these banks is certainly a good option but simultaneously not an easy task. Numerous visit, verification lags, various documentation procedure kills the urge from inside. Then people head backs to commercial banks like HDFC, ICICI, CITI, AXIS… but when they also turn their back, people have no options left with. Now, these tiny asses come into pictures like Capital First, Fullerton and Home Credit.
These suckers provide you with a loan little easier but it comes with a high rate of interest.
First of all, there is nothing like 2 days disbursal. All is a myth. When you apply for a loan with them provide your documents. The approval only takes 2–5 business days. During this time the agent or representative you have been dealing with trying to figure out the need and urgency of you for the funds. Although approval is 30 minutes procedure they won’t update you real time.
Your multiple calls and frequent discussions are enough to let them know your urgency. After they realise, now the game of the ROI starts. They will keep you in suspense for 1 week, post verification of all your collaterals, they furnish the tenure of the loan, principal amount, EMI but will never disclose rate of the interest easily. They will collect blank cheques, pictures and videos of your home, car, another vehicle, any other land or immovable assets you have, after completing everything when you will own calculate the rate of the interest then only you will come to know it is not huge but insane.
To cut a long story short, you mustn’t consider Capital first or similar financial institutions as your loan partner.
- Easy but a pain in the neck:
They just know how to grab money in form of penalties. Their EMI bounce charges, bank account swap charges, loan closure penalties are sky high as compared to others.
- Never expect any customer service:
Their 1860 number helpline suck, the reps on the line seems to be the one who has just passed their schools. No human understanding, just know to sing a song called contract and clumsy policy guidelines. The agents on the 1860 helpline aren’t trained well enough, no human touch, no sympathy, no empathy instead autonomous robotic voice responses.
I personally called for a small charge waiver due to the death of my mom, the rep answered, “The death in your family is your problem, not mine, you have signed a contract and as per the policy those charges are legitimate”
If you don’t believe call sometime and you will come to know.
- Pathetic recovery attempts:
God forbid if you have taken a loan with them and bad time has just started, and you have missed an EMI by mistake or due to the extenuating circumstances, get ready for the defamation nearby home or your workplace. As their illiterate recovery agents don’t know the GDPR and will spill the beans related to your loan to anyone. Imagine you have just arrived from your workplace and the liftman or milkman makes fun of you, Sir is the loan foreclosed or still active.
If you are still in the need of cash, you better lend from your relatives and friends. Even the local financers would be a good option. I burrowed loans in total from 11 banks, all of them has been foreclosed except Capital first and Home credit. I never faced that many insults, depression, anxiety, anger and regrets with any other bank or financial institution.
Hence, Capital First is not a trustworthy company for taking a business loan ever. Never ever, think of them while applying for the loan.
-
- Thank You! We appreciate your effort.