[reignofchaos]

Surprising... I took a loan from HDFC for my Cedia and I had no car at all before this and everything went in smoothly and I got it in time. Neither am I married which seems to be the criteria for many banks offering loans. Also I had absolutely no relationship with HDFC before that.

This definitely seems like a one off case.

[sukiwa]

Regarding banking Ombudsman, if the deal fails I am going to do the following
1. Talk to my company finance dept about closing HDFC salary account and using some other bank if possible
2. Cancel my and wife's credit cards
3. Remove all FDs etc.,
4. Close both our accounts with the bank. Besides that 3 other close relatives have accounts with HDFC bank. they are also willing to close
5. Badmouth HDFC at every opportunity I get

Just relax, take a deep breath & revisit these after a gap of two/three weeks.

[tsk1979]

Originally Posted by NetfreakBombay

Not sure how DSA screwed up things. And This "policy" about Indica/Safari is as horrible as it gets.

In my case, HDFC took 4 days to give approval letter and then took 2 days ti disburse amount to dealer. Approval letter clearly specifies interest rate and duration. DSA should have filled up rates there it self.

In this case since I just got SMS and documents were in process the DSA showed me the rate on the system. My fault is that I trusted that guy.

Originally Posted by PAVAN KADAM

We are branding a leading bank just on one off trouble.

The same bank had approved us 8.06% reducing balance loan for our Safari.

Dunno why this is happend to tanveer.

Well I have been banking with this "leading bank" for past 6 years and have a salary account and credit card with them. Also had a personal loan a few years back which was paid back without any EMI default. I was in their "Premium customer list" as I also had investments with their MF division etc.,
If thats how they treat their premier customer.....

1. First they don't tell me about the "upgrade policy". I could have gone with Kotak if they had told me beforehand
2. Then they disapprove the loan after the vehicle has arrived
3. Then they dilly dally and finally approve a lower amount, I take it saying its fate
4. Now they tell me I have to pay 3% more interest! And lie to me

[dkamath]

Sad to hear this, tsk1979. Hope this issue gets sorted out soon. Assuming the car has not been registered yet, since the RC book would then contain the hypothecation clause. If yes, then it would not be a problem to approach other banks. The steep hike in interest rates has left me amused. The maximum hike that can be imagined is by 1%, but it is sad on HDFC Bank's part to hike the rates so stteply :(

Hi SumitB, having a housing loan with SBI, assumed that car loan processing would be much easier. But it took about 3 weeks, and had to produce all documents including IT returns for the last 3 years, company profile, assets, liabilities and liquidity status, phew.

[dicorex4x4]

DSAs are not very forthcoming with the truth at all times.

tsk1979 & anybody else dealing with HDFC Bank: if your auto loan is approved, you are immediately allotted a Loan ID and a detailed break-up of the entire loan (duration, each EMI date, rate etc.) and the split of each EMI (principal vs. interest) is mailed to you. My auto loan was approved the next day. Since I was dealing with the dealer and the bank separately, the bank asked me to intimate them when I wanted them to release payment to the dealer.

tsk1979, if you need any help, please send me a PM. I'm not sure how I can help you in Delhi but I'll try.

[Zappo]

Tanveer, you can retrieve something out of it in only one way. Go and visit the Banking Ombudsman in your city. If you need so I can search it out for you (Noida right?).

Do you have it in writing from HDFC that they willl offer you the XYZ% ROI? If it can be proven that this is how it happened (the flow of events) then they are dead meat. In any case with the Ombudsman they normally do not try to be cute. Also, I think the dealer will vouch for you (at least I hope so).

You can also mark a copy of your complain to the RBI as well as the HDFC top honcho in the loans department. Believe me half the time everything falls in place the moment the heavyweights walk into the scene. Most of this chaos is created by some lower level nuts who do not understand what is meant by the application of mind.

[shankar.balan]

Bad news these big banks!
sorry to hear of your troubles.
Why not opt for the Tata Finance Arm itself if you can beat their EMIs down a bit?
Since you have put your down payment and indeed are about to buy the vehicle Im sure they will do something for you rather than lose the sale!
And in these cases please focus only on the EMI per lac rather than bother about the rate of interest. If you are able to get an EMI per lac of about Rs 2100-2150 you have got a good deal, since you are buying an SUV type vehicle.
Do check on this, because I walked the same road just a few months ago.
all the best!

[smsrini]

Tanveer,

If you have a salary account with HDFC Bank, catch the relationship officer attached to your company, and use them to sort out the issue. They will be more willing to help as their relationship with the company is at stake.

Also if you are a classic/Premier customer, they give you a discounted interest rate, if you go thru your relationship manager.

[GTO]

My fault is that I trusted that guy.

Rule no.1 : Take everything in writing.

Rule no.2 : Never take delivery in a hurry (which you seemed to be in). Get all the paperwork in order and only then proceed. Obviously those loan agents know that you have taken delivery and are trying to profit from the situation by giving you a high interest loan.

Nevertheless, I am truly shocked on hearing of your experience with HDFC. They got no right in backtracking on a commitment made. I suggest you take it up with his superiors or better yet, with the RBI. Trust me, they take these matters very very seriously.

Last resort : Find another loan provider.

[Samurai]

This is very sad. However, I think this screw-up is due to couple of individuals rather than the general policy of HDFC bank. In my 4.5 years of dealing with them both as a corporate customer and individual customer, it has been mostly good experience. They are rather strict when it comes their policies which can cut both ways.

They bounced my Balero EMI when I changed branch from Bangalore to Udupi, I had to scream at them for a month to set it right. They had moved all the balance from the Bangalore account to the Udupi account a day before the EMI deduction, and then held me responsible for bouncing the payment. Their loan department went ballistic and charged me penalty, it took the local Asst.Manager a long time to fix it. While the loan disbursement at HDFC is very fast, they are very fussy with exceptions of any kind. May be your out-of-state case caused some exception.

[tsk1979]

The last hour has seen me make phone calls to the Delhi arm of HDFC bank, as well as dealers finance dept.
Lots of shouting, and one long lovey dovey 20 minutes call with HDFC bank guy in Delhi later this is the Olive branch offered to me
The EMI amount and the number of EMIs will be same. As a gesture of goodwill they will start EMI deduction from Sept 5 2008 instead of August 5 2008. But I will have to give 3000rs extra to the dealer, since the check sent to dealer will be leaner by 3000rs.
This is the best HDFC can do for me.
That guy had the cheek to tell me that since rates increased today it will be difficult to adjust. I told that guy that its because of your incompetence that something which is supposed to take 48 hours took 15 days. Every day these guys call me with preapproved loan offers with 48 hours max timeframe.
Finally I got the above deal
Now the ball is in dealer court, and I have communicated to the dealer that I am thankful for the additional 3000rs discount he has given me.
I know the dealers finance guy is going to cry hoarse about how they cannot give 3000rs more discount, but since its his fault(he was the one showing me those fancy EMIs on the system), he needs to conjur this amount by hook or by crook.

As for Ombudsman route, the sad part is that the rate was not in writing.
Lesson learnt for the future.
This whole HDFC bank circus has soured the new car experience which is supposed to be a time of Joy.
All I can say is "Shame"

[PAVAN KADAM]

Originally Posted by tsk1979

In this case since I just got SMS and documents were in process the DSA showed me the rate on the system. My fault is that I trusted that guy.



Well I have been banking with this "leading bank" for past 6 years and have a salary account and credit card with them. Also had a personal loan a few years back which was paid back without any EMI default. I was in their "Premium customer list" as I also had investments with their MF division etc.,
If thats how they treat their premier customer.....

1. First they don't tell me about the "upgrade policy". I could have gone with Kotak if they had told me beforehand
2. Then they disapprove the loan after the vehicle has arrived
3. Then they dilly dally and finally approve a lower amount, I take it saying its fate
4. Now they tell me I have to pay 3% more interest! And lie to me

Tanveer bhai i am with HDFC Bank since 8 years, and am very well aware of their operating policies.

This is surely a one off issue, and arised mostly because of a bunch of careless individuals.

Wish you best of luck,and i am sure this issue will be sorted out very soon.cheers:

[Shakensoul]

You are in the backfoot since you've already taken delivery of the vehicle before the loan was officially sanctioned at the pre-decided ROI.

Even my car loan process with HDFC three years ago was pretty smooth, everything was sorted out between the dealer and the bank and I only had to go to the showroom to take delivery.

But this kind of incident can happen with anyone/any bank and now we know what not to do, I guess you learnt it the hard way.

[tsk1979]

Originally Posted by GTO

Rule no.1 : Take everything in writing.

Rule no.2 : Never take delivery in a hurry (which you seemed to be in). Get all the paperwork in order and only then proceed. Obviously those loan agents know that you have taken delivery and are trying to profit from the situation by giving you a high interest loan.

Nevertheless, I am truly shocked on hearing of your experience with HDFC. They got no right in backtracking on a commitment made. I suggest you take it up with his superiors or better yet, with the RBI. Trust me, they take these matters very very seriously.

Last resort : Find another loan provider.

Thankfully the last resort is not needed now. My mistake for not having things in writing, But this whole circus happened due to them.
1, They gave me loan approval 3 weeks after the agent visited home for verification. Night before delivery they tell me loan disapproved.
The whole process was like this.
I have assurance from Kotak through my relationship manager that I would get an auto loan upto XX amount. His guarantee.
The Dealers finance guy says he will get me loan for a higher amount same interest rate, no issues there. He also gets his Area Sales manager at HDFC Ludhiana to confirm the whole thing.
So I file for loan, and they ask me to book the vehicle. However a 1L advance is needed since its a made to order vehicle, and if I run away later the dealer can atleast sell it for 4x2 price.
I go for it, get order placed, and be prepared to wait for 10 days to delivery. Simple
Loan approval is 48 hours away according to finance guy.
But 2 weeks pass, and nobody know where my file is. Then I get to know its with HDFC noida. I wonder why is it there. Car is going to be registered and bought in Ludhiana, what is HDFC noida doing in all this?
The Finance guy from Dealer says its because my salary account is in Noida. Well and good
After that the whole dis-approval circus starts. More than 2 weeks after the guy for verification came, loan is supposedly disapproved.
After shouting they agree and send green signal to dealer. The GM sales is a contact, and so we go ahead.

Today first the 15.5% circus happened. Some shouting brought forth the 3K extra deal.

Originally Posted by Samurai

This is very sad. However, I think this screw-up is due to couple of individuals rather than the general policy of HDFC bank. In my 4.5 years of dealing with them both as a corporate customer and individual customer, it has been mostly good experience. They are rather strict when it comes their policies which can cut both ways.

They bounced my Balero EMI when I changed branch from Bangalore to Udupi, I had to scream at them for a month to set it right. They had moved all the balance from the Bangalore account to the Udupi account a day before the EMI deduction, and then held me responsible for bouncing the payment. Their loan department went ballistic and charged me penalty, it took the local Asst.Manager a long time to fix it. While the loan disbursement at HDFC is very fast, they are very fussy with exceptions of any kind. May be your out-of-state case caused some exception.

From a few phone calls, it seems to be the mistake of a guy in HDFC Ludhiana(not at dealer end). Somebody sent the file to Noida for some strange reason.It was not needed. I had given my permanent address as Ldh, and dealer address as ldh too. So file should never have been sent to Noida.
The DEalers DSA left the 5% payout from the interest rate, but noida guys leave only 4.5% payout.
So extra 3000

But that will also hopefully get resolved. No thanks to HDFC though. I called up GM sales and narrated him my story. He was furious and put me on conference with the Finance guy at the dealership. He has told him to get 3000rs waiver.
He says since a certain amount was committed, principals are principals and he will insure in whatever way he will get 3000 waived off, even if it means from commission kitty.


Hopefully, this whole drama will have a happy ending.

[NetfreakBombay]

I think major lesson is NEVER EVER deal with any DSA. Their word does carry any weight. And of course get everything is written.