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Old 9th November 2009, 23:42   #1
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Default Bad experience with HDFC auto loan department

Hi friends I want to share with all of you the harassment I went through and still going through by HDFC bank auto loan dept, so that in future people planning to take a loan from them stay alert. I applied for car loan at HDFC as my previous dealing with them was very very smooth. But this time I was in for a toss.

I applied for a loan of four lacs in name of my mother by depositing following documents of my mother at 10%pa reducing with horrendous pf of 3400. Just because I was in hurry and thought they would process my loan at the earliest seeing my previous track record.
1. Passport
2. Pan card
3. Six month bank statement.
4. ITR for two years with balance sheet.
5. House tax receipt.
6. Water bill receipt.
7. RC of my old car financed through HDFC, though on my company's name.
8. Post paid bill.

I applied for loan on my mother’s name, my father does online advertising through google on her name, and thus we get cheques directly from google USA on her name.


For over a week they didn’t do anything about my loan because according to them documents were incomplete.


After first four days they started asking for company’s proof, when we don’t need any company to run this advertising business and we applied for loan on her name not on any company’s which I had made clear on first day itself.


Next three days they kept asking me for contract, I called the guy Bijendra (sales exec for autoloan) at my house and gave him all the copies of google adsense setup with monthly payments.


But that wasn’t enough now these people starting asking for TDS certificates, It took them three more days to understand how can they ask for TDS when all our cheques come from USA. Mr J.S AHUJA doesn’t understand anything about TDS for him TDS certificate and Direct tax are the same thing. After these 10 days I had lost my cool and started threatening them of closing my loan file but one Mr. Bijendra who is handling my case kept on consoling me of early action. On this occasion of TDS topic he made me talk to this J.S Ahuja, who was first as rude as he can be with Bijendra talked to him like his servant and also told him. “I don’t have time to talk to such people, such people don’t understand anything and not to waste his time. When he clearly knew I was on line and Bijendra kept telling him that customer is online. When he spoke to me, just for the sake of early processing even now I kept my cool and explained to this stupid guy difference between TDS and Direct tax certificate. He spoke in a very cold tone as if I was a beggar asking for money from him though in reality it should have been the opposite.


Anyway after these 10 days I again sent Direct tax certificate for two years, In hope of loan being approved as soon as possible, though it wasn’t necessary when I had already submitted Stamped ITR from Govt. of India.


At 12th day Thursday my loan was approved and I got a message from HDFC. Bijendra came to my house same night that is last thrusday to get all the document signed. I was very frustrated but still had a sign of hope, but my saga still hadn’t had to come to an end, he asked for eight cheque leaf’s when we only had six. He hadn’t informed in advance as to how many cheque leaf’s are required, and I didn’t know that because we opted for ECS and thought only one or two must be needed if any. Dead irritated from HDFC and this guy and his boss I gave him another bank’s cheque’s my account where is just a month old, along with statement for one month which I had in my folder by chance. He also tried to act smart and get me sign PF for 3900 when it was 3400. Anyway he assured me that my case is what he will do first thing in the morning.


Friday till 4 this guys wasn’t at office and was traveling all over the town. He kept asking me to call different people from HDFC about my loan, which I kept doing to just get a cold reply. At 6 he tells me these cheques wont work they need cheque from the same account whose statement I had attached with original documents. I asked him push these cheques only as I was as it is going to close the other account soon. He said he’ll try. He also was too careless in receiving the Fax for insurance cover note and receipt for advance from Rama motors. Day passed.


Saturday this guy (Bijendra) was on a leave and he asked another of his friend Rama to follow up with me on his behalf. Meanwhile I had messaged bijendra if I don’t get delivery on Monday our deal is off. My sales exec at Fiat kept on trying faxing Insurance cover note and receipt but their faxes (HDFC) were always busy. Rama also didn’t reply to my calls till afternoon 2oclock, when she finally said she’s in a meeting with her boss sorting my case only. And she will call back. She called me back at 4 told me my file has been pushed, and I’ll get the Delivery on
Monday on behalf of some D.O (Delivery order) Which I had previously asked at Fiat Rama motors they refused to give the car on basis of D.O. She assured me that their manager will talk at Rama motors and get the car delivered. Meanwhile my sales exec at Fiat also told me that documents have been faxed. Day ends.


Sunday HDFC is off, I went to do PDI of my car which Fiat punto multijet at rama motors okhla it had arrived on Tuesday only. I tried to force them for a delivery on basis of D.O. on Monday which they failed to reply me back, I gave them DD for the balance amount and leave.


Monday(Today) 9.11.09, all excited when my loan will disburse today or tomorrow nearly after two weeks of application and harresment, I called Bijendra to my horror all he has to tell me is that my cheques from the new bank wont work which he told me on friday itself. I’ll have to arrange cheques from other bank itself. I was shocked, surprised, felt cheated again. And to my surprise he still hadn’t received cover note and receipt, I told him that Fiat sent it I heard the fax tone, He said he’ll look for it. I asked him why Rama had assured me, he said he’ll get back. Again no calls from him. I call him again in afternoon but he again tells that these cheques wont work. I slogged from my office to my bank to get a new cheque book waited for one hour to take the cheque book. Now my tone of talking to him had changed but nothing used to bother him no matter how rude I was he stayed unaffected. After getting the cheque book I asked him to tell me one final date after talking to his boss and then only I’ll give the cheques. He said he’ll talk to his manager; he gives me a call at 7 and tells me that his manager has refused to give loan to Rama motors because of some previous altercation with them. I was shocked I shouted at him whats wrong with his F. manager. Bijendra pretended to be on my side and assured me that he will get this done anyhow now its about his honour and what not bullsh.. I asked him to ask his manager to give me in written from HDFC bank that they are refusing a loan to rama motors he assured me he’ll get everything started tomorrow morning after I sent the two cheques there. He still hadn’t checked cover not and receipt as he was out.

He is saying that they will get DO issued tomorrow and that I fight with Rama motors to give delivery on basis of DO, he still hasn’t clarified when will the loan be disbursed it has been two weeks now I have been following up but to no avail. Shame on you “HDFC auto loan dept.” May you rust in hell.

In all this while SBI at 8% and 9% for two year, BOI at 8.5% would have approved my loan.
Axis had also quoted me 9.75% and PF of just Rs1500 also time of 3 days. But I was a fool to still choose HDFC now am stuck with them because I have been constantly made to believe that its just two more days, when in reality two weeks have passed don’t know what to do with them.

Last edited by somebodystopme : 9th November 2009 at 23:50.
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Old 9th November 2009, 23:53   #2
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Not sure about the other things but the cheques which they accept should of an account which is atleast 6 months old. So they can see the track of your transactions. Its a rule.
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Old 10th November 2009, 00:41   #3
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I have also gotten my loan from HDFC, and the autoloan guys are always ready to fleece customers. They delayed my application for many days on terms on incomplete document and finally forced me to take insurance also. But then i showed them that i had already gotten the insurance policy from the internet. Later on once the file was submitted the two HDFC agents (not DSA, but the ones working at HDFC branch) started calling me and saying "sir humara, kuch karwa do..." i asked them "kya karwaun?" and he bluntly said "sir we take 5% from everyone, from you we will take 4%" I told them i will see what i can do once my draft is delivered to the dealer. They were even ready to take a PDC. Once i got the car i put them on call block list.

I even have their voices recorded on my fone asking for the "4%".

Some experience i tell you.
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Old 10th November 2009, 00:53   #4
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Ouch!

Not good. Can you back out now?
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Old 10th November 2009, 01:06   #5
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@aZa
Very sad to hear that, This one hasnt asked for anything because i have been threatning him to close the loan.

@essyouwee
Yes i can close it but again Axis or anyother bank will again take minimum 4 days to approve the loan then 2 more days to disburse it. So am stuck with them only as my loan has been approved and its matter of two days, as it seems since two weeks.
But this is the last chance now if anymore nonsense am going to back out now.
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Old 10th November 2009, 18:01   #6
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They may not be aware that you are a member with TBHP and the story will be flashed to many members and guests. They may also get the reaction soon.

Presume, all these days you are talking on phone and personal visits to the bank/officers. Suggest write a complaint explaining all these factors and send to the higher ups in the bank with a copy to the guys you have been talking,and in the meantime try with some other bank like SBI (no hidden expense - straight dealing ).
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Old 10th November 2009, 22:39   #7
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Don't understand why you kept going back to them when you knew very well that you were being fleeced!

The more people expect thing to get sorted out soon, the more disappointed they get!

So, I reckon you are still fighting for the loan, is it?

If so, all the best!
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Old 10th November 2009, 22:48   #8
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I did say move on and try to work your loan with any of the nationalized banks. Its a tad bit slower than these private banks, however you always have peace of mind.
Since you have already waited this long and HDFC never helped, collect all your doc's back and contact a nationalized bank. BTW SBI's car loan mela is still on and you could approach them.
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Old 10th November 2009, 23:26   #9
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Well yes happy wheels you are right am still stuck with them but have applied for loan at Axis today as well. Nationalised were an option when I just booked my car but not anymore when it is ready standing there at dealership.
Here's what happened with HDFC today.

Latest Update Today (10.11.09) (Mods Please attach this to main Post)

Tuesday, Now I have sent them complete cheques, my file has been sent for processing but completion is still stuck because the TL ‘Vijendra’ is asking from me some DST charge of Rs.2000/- which Rama motors don’t give them hence shamelessly to my utter horror he asked me to change the dealership, or I give them that money. Bunch of loosers. I told him clearly that I won’t give a penny more. To which he has to reply now.
7:00PM Just had a word with Vijendra the Team leader. He told me bluntly someone has to pay that money be it Rama motors or me, this is nothing but harassment. I asked him to close my loan and give me in written that they don’t give loan to Rama Motors and for the same am closing my file to which he replied “Rama walo ne accha sikhaya hai aapko.” I know how I held my cool then. Except Bijendra none of the people at HDFC car loan know or have manners to respect customers very shameful. He has asked me to call tomorrow at 11:00 Am. Am I a buyer or a seller here?
Anyway have applied at Axis aswell now as I have very less faith in them but my dealership says now there’s nothing they can do since my file has been sent with cheques for processing, they are just trying there luck but I don’t believe anyone now.
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Old 10th November 2009, 23:49   #10
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A stable bank like HDFC does not behave such.

There seems to be some process lapse with the executive handling your documents.

With 375 banks shutting shop during recession, HDFC has stood tall amongst all.

All documents asked by the bank are for Your loan and Their Money. I advise you to show some patience.
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Old 11th November 2009, 00:00   #11
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HDFC is just another private bank with a fancy name that goes around duping people with the promise of no delays. They slip in unmentioned costs and rip you off your money.
Unethical as that may be, it is not the only ground on which HDFC has been lambasted.

The rude and cheap manner in which they have chosen to behave leaves little left of their USP.

I wouldn't touch HDFC with a 20 ft long bamboo stick.
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Old 11th November 2009, 00:25   #12
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Quote:
With 375 banks shutting shop during recession, HDFC has stood tall amongst all.

All documents asked by the bank are for Your loan and Their Money. I advise you to show some patience.
Pavan, Please don't confuse US banks shutting shop with HDFC. I can't understand how you can come up with such a motherhood statement when its clear that they are not applying their brains and being rude!

SSM - Dude, Get away from them and RUN.

Any bank is only as good as its local loan branch/team. I am suffering with Kotak and have avowed - never again. if you let them treat you like crap - they will hound you later till the damn thing closes. Find a bunch of guys who will not treat you like crap.
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Old 11th November 2009, 00:27   #13
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Quote:
Originally Posted by PAVAN KADAM View Post
A stable bank like HDFC does not behave such.

There seems to be some process lapse with the executive handling your documents.
I have been banking with HDFC Bank since 2004 for all my personal and company needs. I can say I am more than satisfied with their services on both personal/company front.

However, the only quirk or bad experience I had was with their auto loan department. When I moved from Bangalore to Manipal, my salary account changed within the bank. Despite my repeated notice to them that my account has changed, they tried to deduct the money from my defunct account, for nearly 3 months. And then they charged penalty for failing to pay the EMI. After countless calls and emails, the reality couldn't sink into their dense brain. Finally the asst.manager of the local branch continued the fight on my behalf using internal channels and got the issue fixed. Apparently they needed 6 cheques from the new account in order to make the change. They still got away charging me penalty for their mistake. Height of stupidity!
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Old 11th November 2009, 04:48   #14
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My experience with HDFC car loan for my Swift was absolutely horrid. Will post detailed experience some day. Not only are they incompetent, their policies on prepayment etc are highway robbery.

Having said that, believe me every bank I feel is quite incompetent. There are no real quality choices.

While I like the commercial terms of my current SBI car loan, they can be quite incompetent too. Recently, my records were showing an outstanding for a certain amount because it was linked to the loan amount approved (which was about 3L more than what I eventually borrowed). This, inspite of the fact that my loan agreement is for the actual amount borrowed, the advance cheques are linked to that amount too and the monthly payouts are being honored at that rate. The lady I met at the branch had no idea - all she could say is "but the records show this amount - you have to pay it !" with no further clue. When I spoke to her boss, he immediately understood the error that had occurred and rectified the records in 5 mins (kudos for that). She was otherwise sending me to the main office at BKC which is guaranteed loss of 5 hours in waiting period.
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Old 11th November 2009, 19:10   #15
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Update on Wednesday (11.11.09)
These jerks are good for nothing after several calls to different people from HDFC Auto loan dept. which includes Bijendra, Vijendra, J.S. Ahuja, and Rama. From 9am till 5pm, they have denied me the loan because the dealer [FONT=&quot]Rama motors doesn’t give them DST (Worth 3K they have denied interest worth 60K fools) [/FONT]and were ready to give me my documents back, though they were not ready to give me any letter stating the reason for their not disbursing the loan, I sent my peon to collect the cheques from their ITO Express building where all these fools hangout on fourth floor, they made him wait for an hour just to tell that documents, will be released on a formal letter from me. But returned the cheques.

I have approached Rama motors and they will now fix me up with Tata Capital for loan, Rama motors are commiting three days delivery. Hoping for speedy processing this time.

Last edited by somebodystopme : 11th November 2009 at 19:14.
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