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Old 28th October 2008, 19:54   #16
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Sankar

Its sheer nonsense.

Just FYI - Quilon is considered a "Negative Profile" in banking circles. You are very unlikely to get a credit card, loan of any sort - esp an unsecured one - if you have a Quilon address. The same is due for Tirupur in TN. In both these places bouncing cheques is almost a bragging right!

Two wheeler loans are a 'high risk portfolio" - this must be their method of trying to control defaults.

You can safely issue them a letter clearly stating that retention of the RC was not a part of the contract "as explained to you", and hence if they do not return the original RC within a week you will be forced to approach the Banking Ombudsman for redressal.

Last edited by kb100 : 28th October 2008 at 19:56.
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Old 28th October 2008, 20:03   #17
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I had a fiasco with Bajaj while applying for my loan and some idiot sitting somewhere might have termed the loan high risk, that explains my case
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Old 28th October 2008, 20:19   #18
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I asked my friend in Vadodara. He bought his Hero Honda Passion Plus with loan from ICICI. He has all the original documents and keys.
This is nonsense.

I think its your dealer who can also be blamed. How can he hand it over to HDFC people and not you ? Who is he to decide ? Get hold of him and I think you can apply for another new RC book from RTO also, though I am not sure about this. Also this might require involvement from dealer and he can again give the original to HDFC bank. Go to dealer and enquire. Moreover also go through the documents you have signed. If HDFC bank has the right to keep one key and original RC book, then they must have mentioned it in any of the many documents you have singed. I hope atleast they gave you photocopy of all documents.
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Old 29th October 2008, 01:18   #19
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Thanks for the replies and suggestions! I very much appreciate it!
Now we are waiting for the letter form the Bank. I don't honestly believe that they're gonna give me the letter, or even if they do the words might be carefully chosen.
I have the copies of all the documents i have signed i'm gonna go through every single line of it before i make my next move.

Quote:
Originally Posted by phamilyman View Post
Complain to the ombudsman. besides the obvious fact that its stupid - they dont do it for cars!!

You can also say you wished to travel to Nepal and Bhutan, and this infringes on the very purpose of having bought the bike.

and let them know that in the event of default they will anyways come and seize the vehicle as they have the powers to do - why are they bothering with keeping the RC and hassling you? It doesn't solve anything, defaulters will still default - LOL :LOL
Yep exactly, they can seize the vehicle if i default, and they don't need the RC book for it.

Quote:
Originally Posted by tsk1979 View Post
Its illegal, complain to Ombudsman.
Bank has to give in writing that any fines etc., you have to pay for not having RC book will be borne by them
Banking Ombudsman is what i am placing my hopes on to. Let me see how it goes.

Quote:
Originally Posted by Jaggu View Post
Bajaj kept my CT100 RC, i just got the copies with their official seal, this took care of all my needs.

Bright side, i got the original book in spanking new state when i closed the loan after 2 years or so Delay in getting it sent by post is another story all together lol.
Jaggu bhai, it was like this before. But nowadays most banks (and even HDFC bank in other cities) let the customer to keep the RC. I'm sure that you mustn't have gone interstate touring on your CT100 I wonder what will happen when i'm in another state and the law there demands to see the original documents.

Quote:
Originally Posted by Born 2 Be Wild View Post
It Is absolutely Illegal on their Part to Keep the Original RC. I have a loan on my Bike from Citi Financial and I have my Original RC.

My Uncle was recently harrased by The same bank For another Issue where they Wanted Rs 500 to issue another NOC for the RC to be ammended Once the loan finished. He went to the Consumer court And Was compensated Rs 10000 for His aggravation
I suppose these things always happen with bank loans and customers, today when i was there i heard a lady and another guy shout at the executive. When i went there to apply the loan, almost two months back, there was an old guy shouting at the loan official My turn also might have come!

Quote:
Originally Posted by jerish666 View Post
Shankar i dont think they can keep the RC book in the bank.They can keep the duplicate key but not the RC book.When i took loan for my car they didnt even keep m duplicate key.So you better speak to the branch manager.Is it the DSA people who keep your RC book?

I just spoke to my executive about your problem what he told me that they will only keep the photo copies.
Isn't the Banking department and Loan department independent of each other? I have my salary account with HDFC. Would the Branch manager can interfere in loan issues? Pardon me Jerish but i do not know what DSA is.

Quote:
Originally Posted by srijit View Post
Sankar, try and get it in writing that the bank is keeping the RC book. Once you get that, then you can write a letter to the Banking Ombudsman. The office is in the Reserve Bank building, Bakery Junction.
I might need a small help from you buddy will call you.

Quote:
Originally Posted by vikram_d View Post
Dont know about bikes but for cars they just put a Hypothecated to seal and give the original to the owner. Once the loan is cleared they give a certificate that the hypothecation is cancelled. This is what happened with one of our cars.
The hypothecation is entered in my RC book photocopy that i have. Our car was also bought on loan and we had the RC with us and after the loan was closed we got the Hypothecation cancelled statement from the bank and did the necessary changes with the RTO.

Quote:
Originally Posted by kb100 View Post
Sankar

Its sheer nonsense.

Just FYI - Quilon is considered a "Negative Profile" in banking circles. You are very unlikely to get a credit card, loan of any sort - esp an unsecured one - if you have a Quilon address. The same is due for Tirupur in TN. In both these places bouncing cheques is almost a bragging right!

Two wheeler loans are a 'high risk portfolio" - this must be their method of trying to control defaults.

You can safely issue them a letter clearly stating that retention of the RC was not a part of the contract "as explained to you", and hence if they do not return the original RC within a week you will be forced to approach the Banking Ombudsman for redressal.
I agree regarding the negative profiling part, maybe Tvm is also included in it, but they they shouldn't blindly put everyone from that area into their high risk folder. For one i live 3 km away from the branch, my salary account is with them, and they themselves have issued me with one of their credit cards. Now they go ahead and confiscate my RC!

I shall draft a letter like you suggested, let me read all of their clauses and conditions before that.

Quote:
Originally Posted by aaggoswami View Post
I asked my friend in Vadodara. He bought his Hero Honda Passion Plus with loan from ICICI. He has all the original documents and keys.
This is nonsense.

I think its your dealer who can also be blamed. How can he hand it over to HDFC people and not you ? Who is he to decide ? Get hold of him and I think you can apply for another new RC book from RTO also, though I am not sure about this. Also this might require involvement from dealer and he can again give the original to HDFC bank. Go to dealer and enquire. Moreover also go through the documents you have signed. If HDFC bank has the right to keep one key and original RC book, then they must have mentioned it in any of the many documents you have singed. I hope atleast they gave you photocopy of all documents.
Dealer is also in this, he could've informed me when he got the RC, but then there is no point in shouting at them now. The matter is out of their hands and they can't do antyhing now. It's better that i concentrate my effort at the bank. Dealer will get some, but later.
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Old 29th October 2008, 08:19   #20
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Quote:
Originally Posted by Sankar View Post
Dealer is also in this, he could've informed me when he got the RC, but then there is no point in shouting at them now. The matter is out of their hands and they can't do antyhing now. It's better that i concentrate my effort at the bank. Dealer will get some, but later.
But you can surely go to the dealer and ask him to give solution or give you ways through which you can get a new one. This is the only way out apart from closing the loan. Also again I repeat, go through all the documents, and if this condition is not present, then you can file complaint.
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Old 29th October 2008, 09:14   #21
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Quote:
Originally Posted by Sankar View Post
Now we are waiting for the letter form the Bank. I don't honestly believe that they're gonna give me the letter, or even if they do the words might be carefully chosen.
Shankar, the letter from the Bank saying they are keeping the RC book is of no use. The government authorities like RTO or Police don't respect any non-government letter. Just like they don't respect address proof from non-government source. They will accept a letter from the most disreputed government agency, but not from even the most reputed private company or bank. The letter you are awaiting is worthless.

What may be more useful is a FIR at the local police station explaining the situation. Even if you don't get your RC, at least now you will have a government source, a police source confirming the facts. Of course, this is a little strange/extreme method, but so is your situation.
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Old 29th October 2008, 09:22   #22
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I agree with Samurai, just threaten the bank that you will go to Banking Ombudsman & if the need be to Police if they dont return your RC & if they dont then go ahead.

I bought my earlier bikes on loan from ICICI & Bajaj Finance & no one kept my RC.

That reminds me I too have to check for my rc
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Old 29th October 2008, 09:54   #23
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This is a cartel - the dealer and the Loan sanctionaing authority as well as the intermediaries.

Take it to the Banking Ombudsman to sort the bank out, else Consumer court !

Also, there will be an agent representing the bank who came forward for doing the paperwork for your loan. He is the culprit who has handed over the RC from the Dealer to the Bank - Only if he does this does he get his "cut".

Ofcourse, we've had a slightly different issue with HDFC when it came to cancellation of the HP or HP termination for all our cars after the loan period. Those fellows are mostly "outsourced" and dont understand what customer wants!

I've never had any problems with Sundaram Finance though
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Old 29th October 2008, 10:33   #24
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Quote:
Originally Posted by aaggoswami View Post
But you can surely go to the dealer and ask him to give solution or give you ways through which you can get a new one. This is the only way out apart from closing the loan. Also again I repeat, go through all the documents, and if this condition is not present, then you can file complaint.
Quote:
Originally Posted by Samurai View Post
Shankar, the letter from the Bank saying they are keeping the RC book is of no use. The government authorities like RTO or Police don't respect any non-government letter. Just like they don't respect address proof from non-government source. They will accept a letter from the most disreputed government agency, but not from even the most reputed private company or bank. The letter you are awaiting is worthless.

What may be more useful is a FIR at the local police station explaining the situation. Even if you don't get your RC, at least now you will have a government source, a police source confirming the facts. Of course, this is a little strange/extreme method, but so is your situation.
Quote:
Originally Posted by Technocrat View Post
I agree with Samurai, just threaten the bank that you will go to Banking Ombudsman & if the need be to Police if they dont return your RC & if they dont then go ahead.

I bought my earlier bikes on loan from ICICI & Bajaj Finance & no one kept my RC.

That reminds me I too have to check for my rc
Quote:
Originally Posted by headers View Post
This is a cartel - the dealer and the Loan sanctionaing authority as well as the intermediaries.

Take it to the Banking Ombudsman to sort the bank out, else Consumer court !

Also, there will be an agent representing the bank who came forward for doing the paperwork for your loan. He is the culprit who has handed over the RC from the Dealer to the Bank - Only if he does this does he get his "cut".

Ofcourse, we've had a slightly different issue with HDFC when it came to cancellation of the HP or HP termination for all our cars after the loan period. Those fellows are mostly "outsourced" and dont understand what customer wants!

I've never had any problems with Sundaram Finance though
Thanks all for your replies!

I'm glad to tell you all that i have gone through the customer copy of the loan agreement and no where does it say that the bank will keep the RC book. A lawyer friend says that if the Hypothecation is entered in the RC then the bank cannot keep the RC book and will have to hand over it to the customer. (The situation is different in the case of hire purchase & lease).

I know that the letter from the bank may not hold much value in the eyes of the law, but the letter is to get the confirmation from bank that they're indeed holding my RC book and for what purpose. The target indeed is to get the RC book released from them.

I'm really pinning my hopes on the Banking Ombudsman and if that doesn't work the consumer court.

I have been told while making the application that they will let me keep the RC, but then since it was verbal there is no proof. Since this is my first major long term transaction with a bank i might have missed to note & clarify some finer points. But then this is going to be good learning curve for me! I shall scan the customer copy and post it here.
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Old 29th October 2008, 10:36   #25
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Quote:
Originally Posted by Samurai View Post
Sankar, the letter from the Bank saying they are keeping the RC book is of no use. The government authorities like RTO or Police don't respect any non-government letter.
Samurai, the purpose of the bank letter is to show the Banking Ombudsman that they are not willing to release the RC book. It will not have any impact with the police or RTO.

@Sankar, get the letter from the bank. After that I think, you need to send a written complaint to the concerned bank (HDFC). Then, after that fails, we go to the Ombudsman. (will get more exact details)

Last edited by srijit : 29th October 2008 at 10:39.
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Old 29th October 2008, 11:20   #26
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Default HDFC loan agreement terms & conditions!

I am posting the photos (sorry scanner was having problem with page feed) of the loan terms and conditions. Letters are very legible in viewed it's original size.

Page1
HDFC Bank has my original RC Book. How to get it from them?-hdfcloanterms1.jpg

Page2
HDFC Bank has my original RC Book. How to get it from them?-hdfcloanterms2.jpg

Page3
HDFC Bank has my original RC Book. How to get it from them?-hdfcloanterms3.jpg

Page4
HDFC Bank has my original RC Book. How to get it from them?-hdfcloanterms4.jpg


(Clicked using SE K810i)
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Old 29th October 2008, 20:50   #27
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@sankar, hi could you please tell us whats in the fine print?
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Old 29th October 2008, 21:16   #28
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Fine print..
Headers, man click on the picture it will open up in a new window there you can see the full size photo and the words are very legible! I'm really sorry that i had to post it like this instead of a scanned image.
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Old 29th October 2008, 22:28   #29
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Sankar, have a look at point 3.5 They say that they still want the EMI, even if you have not got the RC book. lol.

Another thing I just thought of. Last week I went to pay the insurance for my bike. It was within the time period (so I didnt need to get it inspected), but they still asked me for the original RC book.
So what happens when you go to get your insurance renewed after one year? Your RC book will still be with them.
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Old 29th October 2008, 22:58   #30
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Hi Sankar - Just talk to the branch manager and politely remind him that it is not legal for them to keep the original RC. Then tell them you had a talk with your dad's friend the other day (cook some story on these lines) who works for RBI at bombay or something... And he has given you the address for the banking ombudsman in Trivandrum. His info is available at

www. rbi. org. in

As per his suggestion, if they dont return the RC book in a couple of days, you are going to write the RBI a letter and give a copy of the same to HDFC. Be as poker faced and confident as possible.

Wait out... I think they will make an exception cos banks are scared to death of RBI. Trust me, I know a thing or two about them.
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