[Resolved] HDFC Bank Credila — Wrongful charge of Credit Insurance premium on Unsecured Loan.

hitendra mehta

Address:

Mumbai Suburban, Maharashtra

Dear Sir,

I have got Education Loan of Rs 8 lacs sanctioned from HDFC Credila, Mumbai for my son for overseas studies. I was not required to provide any collateral.and they have charged higher rate as it falls under the category o[censored]nsecured loan.

On taking the disbursement, I have given post dated cheques as part of documentation. I was also required to make payment to HDFC ERGO for taking insurance cover for this unsecured loan which in other terms means that in case of my default, HDFC Credila will gat money from HDFC ERGO.

My complaint is as under :

a) If my loan is sanctioned as unsecured loan and the interest rate levied (which is higher) is for unsecured category why I should I pay for Insurance (to HDFC ERGO) securing loan (for HDFC Credila).?

b) If I am paying for Insurance, the loan becomes secured for HDFC Credila, then should not HDFC Credila charge lower rate of interest applicable to my loan ?

c) Why there is compulsion to take CREDIT insurance from HDFC ERGO ? They are indirectly garnering business for its sister concern.

I shall be grateful if your forum can help in getting refund of insurance premium charged.

Thanking you,
Yours sincerely
Hitendra Mehta

Was this information helpful?

No (0)

Yes (0)

Aug 13, 2020

Complaint marked as Resolved

Related Credila Financial Services reviews

View all 104 Credila Financial Services Reviews

Comments

hitendra mehta

I am thankful to this forum for promptly helping me to get justice on my complaint. Mr Sebastin from HDFC Credila called up to convey that the insurance premium paid by me to HDFC Ergo would be refunded to me in due course.

I also appreciate HDFC Credila for promptly resolving the matter and making customer feel good by personally talking and taking the issue in positive manner and refunding the insurance premium amount.

In view of above, this complaint may please be treated as solved and closed.

Thanks once again to all those are coordinating in this matter.

Regards,
Hitendra Mehta

ashtew

from Pune, Maharashtra

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

sanz_in_k

Dear Mr. Hitendra,

Thanks a lot for sharing your story. I have been talking with Credila regarding a student loan. And they did a very similar thing to me. In the last step, they are forcing me to buy an insurance when my premium for the unsecured loan is already 14.25%. I wanted to talk with you and take these guys to consumer court. I am currently in France studying for my MBA. If you could share your email address or write to me at [protected]@gmail.com, I would like to discuss this more with you.

Regards,
Santosh