Quote:
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.
Quote:
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.