Message Body
This mail is in reference to the education loan I was willing to take from HDFC Credila Bank Ahmedabad Branch and its manager is Abhinay Vyas ([protected])
However, due to the tedious procedure, inaction from Credila representatives even after submitting all the details asked for, non-disclosure of all the relevant costs to the borrower and the inconvenience caused to me and my family, we decided not to get associated with Credila in any way.
It took hell lot of time in loan procedure. Further, disbursement was subject to conditions mentioned which included submission of documents (which were already submitted with due care) and details in format you prescribed. However, we were asked to submit the same documents again and again and made the entire procedure time consuming.
Also, all the required documents were submitted till 17th June by me. Nevertheless, I received endless calls from executives saying documents not received and later, on clarification that all the required documents have been sent across we were told that the documents were received but were not checked. All such small things add up to make the procedure time consuming and increase the level of frustration.
As communicated to them via telecom earlier, the loan processing fees were debited by them without even receiving a signed loan agreement from my side and before disbursing the loan amount. It is a legal wrong to charge me the loan processing fees without even receiving the signed copy of the agreement. It is not right on their part to charge me for failed attempt to convert me as Credila's Borrower.
Also, due to all this I had to incur a liability of late fees charged by my college amounting to Rs. 1,500 and I felt insulted when I received a call from administrative official for not paying fees on time. Despite of repetitive reminders from my side regarding the deadline of fee payment, the procedures did not seem to end.
Moreover, I was not provided with all the information on costs to be incurred by your executives. Only, when I read the mail mentioning the insurance to be taken I asked your executives regarding it. Its only then when I was informed that this is an additional cost which I am supposed to incur to get the loan. Subscribing to insurance which is again non –refundable, for which we were to pay Rs.8,045 was an undue burden as before the fees is disbursed and I have to make a payment of (8045+3640=) Rs.11,685 initially. Also, later on every month with EMI. I had to pay the insurance amount whereas it was not at all discussed earlier. Insurance was subject to cover your risk of financing my loan so you should have paid for the insurance, rather than passing on the cost to borrower, as a borrower I was supposed to pay Interest and Principal component which is combined in E.M.I, which will include profit of Credila.
What a plan is this! They take guarantee of 2 people who are earning and take all their proof of earning etc., and then you ask us to subscribe to the insurance, to boost business of your sister concern HDFC ERGO also placing a burden on the borrower of such unnecessary costs and while promoting your loan products you very conveniently say hassle free loans with no mortgage.
I was fully interested in taking loan because of which I submitted all IMPORTANT documents, sourcing it from everywhere, which should be kept as classified documents, but improper co-ordination, lack of adherence of time, not furnishing or detailing borrower of associated costs. All time and energy was in vain.
All this procedure started in May 15th 2011, but it did not seem to end. I arranged the amount for paying the fees, as we have paid all the amount of fee from our own sources till date remaining 1 instalment will also be paid by us and now no loan is required.
On my request to refund the processing fees they are playing games by just ignoring and not answering at all, on contacting Regional Manger Ahmedabad, Mr. Avinash and placing complaints on their only mail id [protected]@credila.com (no complain redressal body), only promises of resolving the issues are heard, and nothing else and after many attempts to talk to them is not serving fruitful because they have turned their deaf ears to the issue. And the manager is Pathetic of Ahmedabad Branch.
Arpit
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I struggled with them for over a month without any positive results and that when the education loan was for a Tier 1 Education institute (which is among the top 10 in India), for which Credila supposedly offers a non-collateral loan with special rate of interest.
And what was an even bigger surprise was even sending emails to the country head and marking him on emails makes no difference. Not one response is received.
-Ashutosh Tewari