HDFC Credila — Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.

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 hitendra mehta on Dec 7, 2011
Following is the continuation of earlier complaint thru' this forum. HDFC has partly that too incompletely resolved the complaint of non-receipt of Loan agreement post disbursal of full loan amount. Secondly, the working formula for hike in EMI from Rs 9000 pm to 9500 pm is not provided despite promise by Mr Amit of HDFC credia. More details in the following letter.

From :
Hitendra Mehta
A/201, Seeta Mahal
5th Kasturba Road
Borivali (East)
Mumbai – 400 066
Cell : 97699 19275 E-mail :
December 7, 2011

Credila Financial services Pvt Ltd
B-301, Citi Point, Andheri-Kurla Road
Next to Kohinoor Continental
Andheri (East)
Mumbai – 400 059

Dear Sir,

Re: 1) Receipt of incomplete / incorrect copy of executed Loan Agreement documents, post-disbursal of full amount, for over three months
2) Unreasonable hike in EMI amount without any written communication & working

Loan a/c No: A1107020023. Loan Applicant: Shreyans Mehta

1) subsequent to my complaint lodged on October 15, Mr Amit from Credila called up and he was briefed by me again about the details of complaint.

His assistant Mr Anand Kharat ( RM) arranged to despatch copy of Loan agreement but same is incorrect & incomplete. The matter was communicated vide e-mail to HDFC customer service department about 15-20 days back. I had also communicated to him vide SMS but there is neither response nor they have sent the corrected Loan agreement.

2) Mr Amit promised to send details of calculation of hike in EMI amount from Rs 9000 pm to 9500 pm. I had informed that the hike of almost 10% was too steep on back of 25-50 basis points hike in interest rate by RBI. Also transparency demands that the method of calculation be shared with the Loanee as the impact would be for seven years of which only 3 months have expired. Overall impact of hike calculates to Rs 42000 ( @Rs 500pm for seven years) on loan of rs 8 lacs. It works out to 5% of the Loan amount.

But till date, I have neither heard from MrAmit or received the letter from HDFC credila sharing the working of hike in EMI.

I wonder whether I need to follow RTI route or file a legal case to resolve this one.

Yours sincerely,
Hitendra Mehta
(Father of Loan applicant Shreyans Mehta)
Complaint comments  2 Comments     Updated: Share0Tweet0Share0



We have addressed the concern via letter dated 09/12/2011; Ref No. A1107020023

Amit Bhardwaj
Credila FInancial Services Private Limited
Credila is a horrible service provider. The staff is indifferent and you will be push from one department to other. The sales person whom you would contact for the loan will sweet talk you and then later you will be asked to submit a dozen documents without any explanation given.

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

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    +91 22 2471 2448 [Compliance Officer]
    B 301, Citi Point, Andheri-Kurla Road, Andheri (East), Mumbai, Maharashtra, India - 400059
    HDFC Credila - Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.