Re: Foreclosing an Auto loan - why the circus? Update:
Yesterday evening, I got a call from Nishanth who apologised for the inconvenience. I asked him the same 'Why should one intimate about closure 1 week in advance', he says its not mandatory like you have described in the complaint, but we do it just to talk to our customer to understand why they are closing and if they can retain and to build a customer rapport. I asked him, when car is sold there is no room for whatever he described. He said yes yes. Then I asked him why couldnt the teller/over phone try all those then and there itself and accept if they couldnt convince the customer. He had no answer. It clearly shows Deliberation by the bank to turn off the customer and also to make that last bit of interest for 1 more week. I showed a lot of displeasure narrating my experience. He had no answer why I had to wait so long in the office.
I finally said to him, lets cut the crap, I am never coming back to HDFC for anything in future and just tell me what I should do to close the loan ASAP. He said he will waive off the 7 day intimation period (something which he denied existed). Finally, he said I can come to the bank anytime and finish the formalities by talking to the manager Manjunath there. I double checked and asked if I can visit Thursday morning (today 10AM). He said yes. I asked if I can pay the entire amount by cash and get done with it instead of waiting for check to pass and stuff. He said yes. He also proactively said if you manage to wait a bit longer I will ensure you get the required NOC and letter instead of them couriering me. He also said usually they dont accept cash over 49k, but since I am inconvenienced so much, he will make an exception just for me.
Today morning, to save on time, I reached by 09:50. Already few people waiting at the door step as usual. Even though I dint need a waiting number, I still collected to see whats the waiting list like. Mine was #10 [Just tells the sorry state that even if u go before the branch opened, you still have to wait after they open]. The manager Manjunath was on leave. The manager on duty Shaiju was least bothered to talk to me. I had to peg him several times to get him to talk and explain the issue. It was clear that no one had informed about the case and what had to be done. Little did I know that my blood will have to boil again, and they will take me to the limit. I had to call Nishanth several times to make him understand that the manager was in no mood to help me nor understood the issue. I think Nishanth too had to work with the manager to convince (??) him to help me. Then they say to me that I cannot deposit in full cash as the RBI mandate says one cannot deposit over 49k for loan account. I questioned them asking if the mandate was from today? Both said it has been there since long. So, knowingly Nishanth made a false commitment to me yesterday? He tried to work something out with Mumbai or HQ or whatever. Then at 11:30 he says its approved and anytime now they will collect the cash and close it. Was a bit relieved and though it was worth teh time I waited. Then I am kept waiting till 12:10PM. I get more frustrated and go to the cabin of Shaiju. He then asks me "Why are you still waiting? Did Nishanth not say to you that we cannot accept cash?". This really set my blood boiling. One side I was told they will collect the cash after they got approval and the other the manager ridicules me? Called Nishanth again, he then said he cannot help me on this. Pay by check. I had to be part of their 2+ hours of drama for no mistake of mine. My sole reason of escalation was the BLOODY time it took at their bank and the stupid thing called process or procedure. Anyways, finally I gave the check and returned to my office.
Escalating the matter made things more worse? The person handling the escalation Nishanth was courteous all the time and treated me very very well, but may be isnt trained well enough on things like RBI mandate and stuff. Truely a sad state!
The manager behaved well with me in the last few minutes of handling the check and so on, dont know what made him do. Up to then he was quite arrogant, almost as if he part finances most loans under HDFC brand name.
I very STRONGLY suggest to research on closure procedures before going in for any Auto loan. I checked with a few of my collegues, who had no issues at all in closing auto loans with any other banks over the years (includes my experience of closing loan with SBI in a jiffy).
In my opinion, people working in IT industry or private sectors, or people who care about time to strongly stay away from HDFC. They can make life difficult. I have wasted 1.5 days of leave for something that could have been done over phone/online
If it helps:
- I made many friends at the bank today (Other grieving customers), else I would have been bored to death waiting
- While waiting near the teller's counter, I over heard several customers who had come for simple similar things.
- I over heard many customers being pissed off and talking to tellers in a raised voice just like I did for many missed things by HDFC
Last edited by funkykar : 13th March 2014 at 16:51.
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