[Resolved]  Credila — I'll Response - Reason Not Stated

Address:

Andhra Pradesh

Hello

I have applied for an education loan through the Credila Education Loan Services by HDFC about a month ago. The representative, Mr Chandu, came home and collected the documents as if he and the entire organization was very much happy to help us. He said he would let us know about the status of the loan within 10 days and there after any more required documents with regards to the collateral can be submitted. Trusting the words of the agent, we went about our normal life doing other works with regards to the US travel.

Even after 15 days we didn't get any response from Mr. Chandu about the status so when we called him we were informed by him that there was a some notice about a loan in the CIBIL report and that was holding up the case. He said he had mailed someone higher up in the chain and was expecting a reply within a day or two. This 2 day business went on for another week. We waited for 5 more days. When we called him after that we were informed that he has met with an accident and has been admitted to the hospital. After some more of conversation we were convinced that the office had not assigned his files to any other person and upon his suggestion we dropped in at their office in Hyderabad with the pending documents.

We had spoken to anther person about our case in the Credila office at Hyderabad and over hearing their conversation we came to know that Chandu right now is in Bangalore. We are wondering how a person who has been admitted into hospital is in Bangalore. That not being the point, we gave the other required documents and were informed that the status will be conveyed to us within 3 days. Another official also asked us if there was any loan pending on our account. When we told him that the loan has been cleared, he asked us to get a NOC from the bank from which we took the loan about the loan clearance. We submitted the certificate as requested and within a day we get a call from their office that the loan has been declined. The caller had absolutely no idea why the application was rejected and loan declined.

I'm writing this complaint so that other might know on how Credila works.

Their outright approach is to build the number stated on their website about how many people applied for loan but they do not seem to mention how many are happy about it.

They do not communicate properly about the loan status or anything with that regards. The agent or the office will call you only for the documents and then they are least bothered to tell us about the status of the application.

They say they have the fastest processing time but they do not revert back to the customers within the time they specified. In fact when we call them they evade our calls.

They do not state the reason for rejection of the application. All they wanted to say was that the loan has been rejected.

Hopefully some one will be benefited with this complaint and stay clear of Credila.