Re: Foreclosing an Auto loan - why the circus? Just did not know closure of auto loan can also be a pain!! I had taken a loan while purchasing my Palio. Now, the Palio is sold. Transfer papers signed and car delivered. Now, I need to close the loan and provide him with required documentation for HP cancellation.
I call HDFC bank last week to find out the process. They say, I need to intimate them 1 week in advance. I was like what the hell! What do they need 1 week for? Are they going to launch a rocket with my name etched? I then say, okay I am Intimating you now. She says no sir, you have to intimate at the branch. I was again like what the hell! I then go to CMH branch that they asked me to go. I see some 8 rows with 10 people seated and waiting for their turn. My number was some 169 and the number that was being called was some 12x. I quickly pinched myself to check if I were dreaming. I wasn't. Then I checked the date to see if we have rolled back some 100 years, wasn't the case. I gave up after an hour as I had to be back at work. I then asked the security guy at the door. HE said its always like this. Asked him when is the best time. He says come in middle of week like Tue-Wed-Thu and come at 09:30HRS and wait at the door, that's the quickest. I was dumbstruck!! Today morning I ensured to be there by 09:40, waited at the entrance for the door to open (as if I were looking for a free meal). I wasn't the only one there, there were over 15-18 people by the time the door opened. Even after being so early, my number was 8 and by time I reach teller, it was 10:20AM. Here is a brief of what happened:
ME: I wasn't to close my loan account
Teller: Takes 2-3 mins, checks and tells me.... You need to intimate a week in advance and then come back and pay the amount.
ME: Why? Why cant I just close now?
Teller: No sir, the procedure is to intimate a week before. We cant do anything.
ME: Whats the logic behind this?
Teller: I don't know sir, that's the procedure.
ME: Is it to collect the additional interest by delaying a week? Why don't u take that right away and tell me how much I should pay.
Teller: No sir, that's not why the procedure is and we cant do anything.
ME: Why couldn't I intimate about closure over phone? Isnt this ridiculous that you make me come all the way here to just intimate? I also had to wait hours other day and close to 40 minutes today. <All in the top of my voice>
Teller: No sir, that's the procedure. NExt week please come sir, you come directly to me and don't wait. I will help you.
Me: That's strange, anyways, I will come directly to you and I don't have the time to wait hours for such trivial things. How much time will it take after I give the check?
Teller: 15 business days.
Me: So in total, it will be over a month including intimation right?
Teller: No sir, but that's the procedure.
I gave up and left after collecting the acknowledgement.
I have a debit card and credit card with Citibank since 2001. By far, they have been the best and the experience with HDFC clearly I can term it as the WORST! I have never ever visited Citibank office till date in last 13 years for anything and I use my cards very expensively and have had loans and other things. Everything was online/phone.
I have sold my car and HDFC procedures as they call it means the application for transfer cannot be started for atleast 1 business month. My sincere and humble feedback: If you have a choice other than HDFC, please choose it. HDFC seems to be one hundred years in the past. I will never ever use their service.
EDIT: I had foreclosed an Auto loan with SBM that I had taken for my M800 car in 2005. I just asked manager about procedure, he said you just need to fill a form. I asked if I could do it right away, he said yes and I gave a check. In 2 days after check cleared, I got a call asking to collect the papers, the post dated checks and the spare key. End of story.
Last edited by funkykar : 11th March 2014 at 12:38.
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