HDFC Bank Car Loan — Forced to take HDFC Suraksha Insurance

vinoodd

Address:

Ernakulam, Kerala

Dear Sir,

I wanted to take a Car loan and i had pre approved car loan from HDFC Bank as my salary account was in HDFC Bank.
When i contacted the Loan section, they insured me the best rate as i have my salary account in HDFC.
The car i took was Ford Figo from Kairali Ford, Edappally, Kochi.
I had an old car (Maruti Alto) which i planned to exchange at Ford.
As i had an official trip, i exhcanged the car, booked the new car and went to tour. I thought the loan will be sanctioned once i come back home. My new car was ready at their yard which will be released on the next day the bank transfer has been done.
I was told from the HDFC executive that they will not take the processing charges and the interest will be 11.5%., i planned to take 3 Lacs as loan.
When everything finalized, like i signed the papers, gave the cheque and all., an executive named Ms. Prabha, SL Plaza, HDFC Bank, Palarivattom called me and said i had to take HDFC Suraksha plan, without which they will not sanction the loan.
I was in a turmoil as i needed the car urgent and taking advantage of the situation, she threatened me if i didnt took the Suraksha plan, she will not sanction the loan.
She then told, if i didn't took the Insurance policy,they will take bank processing charge and the interest will be then 13%.
I am just wondering that Insurance is for our protection and they are threatening us to take the insurance...
I had to agree with her as if i go to another bank, it will again take some days.
I dont even know what that Insurance plan covers and what does it all about?
Is this the manners of HDFC Bank?
This is not the way you should do to make people take Insurance.
She badly exploited my situation.
Now i got the loan and i got the car. But i dont want the Insurance., as it was took by taking advantage.
I was heard from other peoples that they too had similar experiences from the same lady.
Kindly take some action on it.
My loan reference number was 18240301 and the amount was disbursed on 23/02/2011.

Kindly help,

Yours truly,

Vinod R
[protected]@gmail.com

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Comments

vinoodd

Dear Sir/Madam,

Thanks for the reply.

Mr. Rajesh, Team Leader, HDFC Bank, SL Plaza, Palarivattom, Kerala contacted me regarding this issue.

Listening to my complaint, he suggested me the option as follows:-

He agreed to cancel the HDFC Suraksha Insurance, instead

He asked me to pay 3, 350 /- as Processing Fee and

Instead of my sanctioned interest rate (11.75%), he asked me to pay the rack rate – 13%.

Now I would really want to know whether this is a favor or punishment. I am really embarrassed by his suggestion.

Please don’t punish your customers like this. With this give new option, you are forcing me to stick on to my previous option.

I requested him then that let me cancel the loan so that I can free from this curse. Finally and thankfully, he agreed to me cancel the loan with no penalty(pre closure charges), but only the interest that will come till the cancellation date.

Thank you so much for doing this at least., tomorrow onwards, I will search for another bankers to give me loan. But this time, I will be more careful.

I really don’t understand how you treat your customers.

The customer service people didn’t told me that I would have to take HDFC Suraksha Insurance till the last minute. And above all, taking advantage and forcing somebody to take Insurance is the worst and cheap marketing technique one do.

I truly didn’t expected this from HDFC Bank.,

Regards,

Vinod R

nishantgeek

from Delhi, Delhi

same thing happened to me ...