Loan woes with HDFC Bank

PAVAN KADAM · 8th August 2008, 23:19

Quote:

Originally Posted by anujmishra

Whenevery applying for a loan, do no show your each and every account. I think you have committed small mistake by giving cheques from different bank. It does not help, but it add woes.

Also, since you have recently changed your job so it is their in rule book of bank that customer should have spent atleast said period in current job. Otherwise they ask for previous company proofs.

But for your misery, they are demanding each and every paper one by one. This is sure the Bank saleman's fault he may be new. Give them your current paper and ask them strictly "Do you need some more paper?"

Anyways don't feel light hearted. Your VXi is on the door of your house. You just have to make little effort to bring her in.

Congratulations in advance.

Guys,

Each and every bank has their own policies while approving a loan.

Just because a bank does'nt approve a loan does it mean that the Bank is cheating.

Every account / Credit card/loans you hold are centrally monitered by CIBIL.

The bank holds all rights to ask a customer any documents necessary to the file. Any document asked will only be a mitigant.

Guys the "BANK" does not have anything personal against you man.

Unless we understand this, the process will always have hiccups.

Zappo · 9th August 2008, 00:34

Its not so hunky dory with these banks Pavan. Take this particular case. They took his account statement and approved the loan on that basis. But the moment they realized he has another account they needed statement for that as well. These useless tactics are used by most of these banks, partly because it serves their database well which they use for multitude of other marketing activities and cross-selling.

I saw that when I applied for a Home Loan with HDFC. They asked for my account statement. I provided that. They said they also want my wife's account statement. I provided that as well.

While processing the papers they saw my wife's IT return copy and realized she has another account. Immediately they put forth a demand to furnish the statement for that account. At this point I objected as it was an afterthought on their part just because they realized about the existence of the second account. Still, they managed to talk me into it and I provided that as well. However the final straw was when they said that they wanted local cheques or at par ones as otherwise it gets difficult for them. I provided them at par cheques from another account (since my salary account is in Chennai). Then they made an about turn and said the cheques need to be from the salary account only and hence they will accept the chennai cheques. Butttt... since they now knew about the existence of my local account they immediately said that they want an authenticated statement from this account as well to process my loan. I just stamped my foot down and said nothing doing. You have had enough info that you can ever need and if you think you can not process my loan with all the info that I have provided I will rather move over to ICICI with whom I have my salary account and other long-standing relationships. After some tough posterings from both sides they realized that I have drawn the line and then they climbed down.

Moral being, banks are always out to extract as much as they can from you. If you try to take them on good faith they will always take you for a jolly good ride.

As for HDFC bank and their car loans, well, we do have several accounts of how they create problems on this very board. And all these have been reported in the last couple of weeks or so. Moreover, process or no process, being in the services industry if they can not satisfy their customers then there is some flaw. If so many people are grumbling about their attitude then they are at fault. Afterall everything is their to ensure that they get business and keep getting back customers. If the customers desert them then what will they do with all their processes and systems?

redsfx · 19th September 2008, 15:37

These hdfc guys are a bunch of incompetent .... I have had such a bad experience with them the last few days when buying my car that I am so fed up. I do not even want to talk about it because it caused me so much stress. Wish we were in the USA to take them to court on charges of causing emotional stress, anger, wasting precious time, etc. etc. (list is endless). They promised me one thing then went back on their word. And this was not once but several times.

Whatever I have said is just an understatement. I am still seething with anger. I really do wonder why they call me their premium customer.

vivekgk · 30th May 2010, 20:33

HDFC is the worst financial institution ever! My dad is trying to get a car loan, and the CIBIL records show that he took a loan of 3 lacs from HDFC in 2001, and never paid back. He had taken a loan for about 5 lacs, which has been paid back in full, and we got a document to that effect, that confirms it. He applied for the 3 lacs loan and didn't avail of it even though he was approved.

What is the required procedure for clearing the CIBIL record? Is it possible that some bank employee availed of the loan and didn't pay back?

Samurai · 30th May 2010, 21:09

Quote:

Originally Posted by vivekgk

HDFC is the worst financial institution ever!

That is not correct, only their loan department is like that. I have really enjoyed their banking services in the last 6 years. But their central managed loan department is just clueless and does all kind of stupid things. Even I have suffered a penalty on my previous loan for no mistake of mine.

vivekgk · 30th May 2010, 22:41

Quote:

Originally Posted by Samurai

That is not correct, only their loan department is like that. I have really enjoyed their banking services in the last 6 years. But their central managed loan department is just clueless and does all kind of stupid things. Even I have suffered a penalty on my previous loan for no mistake of mine.

It takes just one worm in an apple to ruin it.

Because of their incompetence, I stand to lose Rs. 13600 worth of free insurance that is on offer till 31st May. So please forgive me if I don't think highly of HDFC. While I'm sure that you're right about their banking services, that does not help me at all.

PAVAN KADAM · 30th May 2010, 23:17

Quote:

Originally Posted by Samurai

That is not correct, only their loan department is like that. I have really enjoyed their banking services in the last 6 years. But their central managed loan department is just clueless and does all kind of stupid things. Even I have suffered a penalty on my previous loan for no mistake of mine.

Thats how the loan department works sir, Its all system driven, which is not right always, i've been with this bank for over a decade now, and sadly, nothing can be changed.

About CIBIL check the link

Welcome to CIBIL

Quote:

Originally Posted by vivekgk

It takes just one worm in an apple to ruin it.

Because of their incompetence, I stand to lose Rs. 13600 worth of free insurance that is on offer till 31st May. So please forgive me if I don't think highly of HDFC. While I'm sure that you're right about their banking services, that does not help me at all.

2001 was the formation year or rather the transition period from Times Bank to HDFC Bank, Also CIBIL came into existence only in 2005. Also retail lending by HDFC was not much during 2001, also the max loans disbursed per individual was 1 lac, so there is some technical error in your Dad's report.

Why dont you write to CIBIL, that will be the best way to rectify an errors if there.

vivekgk · 31st May 2010, 19:02

I went to HDFC today with dad. Met with the loans department, and by their records, dad had only one account with them, and it was settled completely. And this was for the 5 lacs housing loan he took. He had missed a couple of payments, but cleared everything just fine. I went to Tata Finance again, and they don't have a problem with the missed payments. They were extremely helpful, and even provided me with a copy of dad's CIR they got through CIBIL.

The CIR shows some pretty weird stuff, like a credit card that had 11 lacs(!) overdue that was written off (?), and the 3 lacs with loan type mentioned as 'other', of which 96000 is shown overdue as of 2006. The 5 lacs housing loan is shown as being paid off in full, with no dues, in 2004.

The Tata Finance folks were extremely helpful, and suggested how it could have happened. Dad had asked for a 3 lacs extension on his housing loan in 2001. It was sanctioned by HDFC, but the request for a second hypothecation was disapproved by ISRO, where he was working. So, he couldn't avail of the loan. Dad is not required to pay it, since he didn't avail of the loan in the first place. However, Due to some idiocy on their part, it's possible that when that loan was closed (due to not being issued) they added pre-closure charge penalties to the account, which over ten years grew into 96K. It ended up being added into the overdue list at CIBIL in 2006.

CIBIL is also out of date by at least a month. It still shows dad's credit card payment which has been paid off last month!

Now, can Dad just go to the accounts section of HDFC, and demand that they remove his name from the list? How long would it take? Can he ask them to prove a statement to the effect that the loan was not availed of and he need not pay? Tata Finance says that if they can get a document from HDFC stating that there is no payment outstanding on a 3 lac loan, they can release the approved loan.

vivekgk · 7th June 2010, 20:12

Turns out that I was wrong about HDFC. I e-mailed CIBIL, and after a week of back to back emails, I finally got the loan details from them. It was SBI. I'd taken an education loan from them with Dad. We had paid it off in 2006, so we didn't think it was an issue. Also, the loan was in my name with Dad as co-applicant, and the CIR showed the loan was taken by Dad.

The SBI branch manager has no idea how the loan is still in the CIBIL records, 4 years after full closure. They too have a centralised loan department, and that's probably what caused the issue. Anyway, we got the closure document from the bank and passed it on to Tata Finance. Hope they approve it now. Still can't make head or tails of the written off 11 lacs.

spadix · 22nd July 2010, 19:44

Quote:

Originally Posted by vivekgk

Turns out that I was wrong about HDFC. I e-mailed CIBIL, and after a week of back to back emails, I finally got the loan details from them. It was SBI. I'd taken an education loan from them with Dad. We had paid it off in 2006, so we didn't think it was an issue. Also, the loan was in my name with Dad as co-applicant, and the CIR showed the loan was taken by Dad.

The SBI branch manager has no idea how the loan is still in the CIBIL records, 4 years after full closure. They too have a centralised loan department, and that's probably what caused the issue. Anyway, we got the closure document from the bank and passed it on to Tata Finance. Hope they approve it now. Still can't make head or tails of the written off 11 lacs.

I hope you are able to sort out your CIR issues soon, vivekgk. Don't give up until you have a spot-free CIR.

This is both good news and bad news for me.

Good news because I'm very close to signing on for a car loan with HDFC.

Bad news because I am repaying my education loan (from SBI) currently and I've already heard another batchmate say that his CIBIL CIR was in the red despite the fact that we were not required to pay anything to SBI during the moratorium period, and the SBI folks have no clue why/what has happened.

I have also requested for my CIR independently of HDFC but yet to get it. However, HDFC has offered an extremely good package to me so I'm assuming (fingers crossed, hoping rather) that the CIR was clean.

I agree with the other people that HDFC retail banking is pretty good in general (yes there are a few issues here and there but very rare and minor) and their auto loans department isn't the best organized but still gets the job done (found this out when I had to close off my bike loan in double quick time in May 2004 to enable me to shift cities at short notice).

Regards,
spadix

9th August 2008, 00:34	#17
Zappo Team-BHP Support Join Date: Oct 2005 Location: Hyderabad Posts: 5,918 Thanked: 2,652 Times	Its not so hunky dory with these banks Pavan. Take this particular case. They took his account statement and approved the loan on that basis. But the moment they realized he has another account they needed statement for that as well. These useless tactics are used by most of these banks, partly because it serves their database well which they use for multitude of other marketing activities and cross-selling. I saw that when I applied for a Home Loan with HDFC. They asked for my account statement. I provided that. They said they also want my wife's account statement. I provided that as well. While processing the papers they saw my wife's IT return copy and realized she has another account. Immediately they put forth a demand to furnish the statement for that account. At this point I objected as it was an afterthought on their part just because they realized about the existence of the second account. Still, they managed to talk me into it and I provided that as well. However the final straw was when they said that they wanted local cheques or at par ones as otherwise it gets difficult for them. I provided them at par cheques from another account (since my salary account is in Chennai). Then they made an about turn and said the cheques need to be from the salary account only and hence they will accept the chennai cheques. Butttt... since they now knew about the existence of my local account they immediately said that they want an authenticated statement from this account as well to process my loan. I just stamped my foot down and said nothing doing. You have had enough info that you can ever need and if you think you can not process my loan with all the info that I have provided I will rather move over to ICICI with whom I have my salary account and other long-standing relationships. After some tough posterings from both sides they realized that I have drawn the line and then they climbed down. Moral being, banks are always out to extract as much as they can from you. If you try to take them on good faith they will always take you for a jolly good ride. As for HDFC bank and their car loans, well, we do have several accounts of how they create problems on this very board. And all these have been reported in the last couple of weeks or so. Moreover, process or no process, being in the services industry if they can not satisfy their customers then there is some flaw. If so many people are grumbling about their attitude then they are at fault. Afterall everything is their to ensure that they get business and keep getting back customers. If the customers desert them then what will they do with all their processes and systems? Last edited by Zappo : 9th August 2008 at 00:40.
	() Thanks

19th September 2008, 15:37	#18
redsfx BHPian Join Date: May 2007 Location: CHENNAI Posts: 297 Thanked: 9 Times	These hdfc guys are a bunch of incompetent .... I have had such a bad experience with them the last few days when buying my car that I am so fed up. I do not even want to talk about it because it caused me so much stress. Wish we were in the USA to take them to court on charges of causing emotional stress, anger, wasting precious time, etc. etc. (list is endless). They promised me one thing then went back on their word. And this was not once but several times. Whatever I have said is just an understatement. I am still seething with anger. I really do wonder why they call me their premium customer. Last edited by redsfx : 19th September 2008 at 15:40.
	() Thanks

30th May 2010, 20:33	#19
vivekgk BHPian Join Date: Sep 2007 Location: Trivandrum Posts: 984 Thanked: 1,984 Times View My Garage	HDFC is the worst financial institution ever! My dad is trying to get a car loan, and the CIBIL records show that he took a loan of 3 lacs from HDFC in 2001, and never paid back. He had taken a loan for about 5 lacs, which has been paid back in full, and we got a document to that effect, that confirms it. He applied for the 3 lacs loan and didn't avail of it even though he was approved. What is the required procedure for clearing the CIBIL record? Is it possible that some bank employee availed of the loan and didn't pay back?
	() Thanks

31st May 2010, 19:02	#23
vivekgk BHPian Join Date: Sep 2007 Location: Trivandrum Posts: 984 Thanked: 1,984 Times View My Garage	I went to HDFC today with dad. Met with the loans department, and by their records, dad had only one account with them, and it was settled completely. And this was for the 5 lacs housing loan he took. He had missed a couple of payments, but cleared everything just fine. I went to Tata Finance again, and they don't have a problem with the missed payments. They were extremely helpful, and even provided me with a copy of dad's CIR they got through CIBIL. The CIR shows some pretty weird stuff, like a credit card that had 11 lacs(!) overdue that was written off (?), and the 3 lacs with loan type mentioned as 'other', of which 96000 is shown overdue as of 2006. The 5 lacs housing loan is shown as being paid off in full, with no dues, in 2004. The Tata Finance folks were extremely helpful, and suggested how it could have happened. Dad had asked for a 3 lacs extension on his housing loan in 2001. It was sanctioned by HDFC, but the request for a second hypothecation was disapproved by ISRO, where he was working. So, he couldn't avail of the loan. Dad is not required to pay it, since he didn't avail of the loan in the first place. However, Due to some idiocy on their part, it's possible that when that loan was closed (due to not being issued) they added pre-closure charge penalties to the account, which over ten years grew into 96K. It ended up being added into the overdue list at CIBIL in 2006. CIBIL is also out of date by at least a month. It still shows dad's credit card payment which has been paid off last month! Now, can Dad just go to the accounts section of HDFC, and demand that they remove his name from the list? How long would it take? Can he ask them to prove a statement to the effect that the loan was not availed of and he need not pay? Tata Finance says that if they can get a document from HDFC stating that there is no payment outstanding on a 3 lac loan, they can release the approved loan.
	() Thanks

7th June 2010, 20:12	#24
vivekgk BHPian Join Date: Sep 2007 Location: Trivandrum Posts: 984 Thanked: 1,984 Times View My Garage	Turns out that I was wrong about HDFC. I e-mailed CIBIL, and after a week of back to back emails, I finally got the loan details from them. It was SBI. I'd taken an education loan from them with Dad. We had paid it off in 2006, so we didn't think it was an issue. Also, the loan was in my name with Dad as co-applicant, and the CIR showed the loan was taken by Dad. The SBI branch manager has no idea how the loan is still in the CIBIL records, 4 years after full closure. They too have a centralised loan department, and that's probably what caused the issue. Anyway, we got the closure document from the bank and passed it on to Tata Finance. Hope they approve it now. Still can't make head or tails of the written off 11 lacs.
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