[Resolved]  HDFC Bank Credila — Non-receipt of Loan agreement / unreasonable hike in EMI

Address:

Mumbai Suburban, Maharashtra

From :
Hitendra Mehta
A/201, Seeta Mahal
5th Kasturba Road
Borivali (East)
Mumbai – 400 066
Cell :[protected] E-mail : [protected]@rediffmail.com
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October 15, 2011

To,
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) Non-receipt of original executed Loan Agreement documents, post-disbursal of full amount, for over two months
2) Unreasonable hike in EMI amount without any written communication & working

Loan a/c No: A[protected]. Loan Applicant: Shreyans Mehta
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Facts
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1) My son had been granted education Loan of Rs 8 lacs and the amount has been fully disbursed on 19th August. 2011. Since then, I had been in touch with their representative, Mr Anand Kharat (AK) (Relationship Manager) for getting a Copy of Loan Agreement but all I could manage, after follow-up, was a soft copy. This soft copy was having many blanks and at two places there were errors. This was pointed out to AK and he promised to arrange for corrected hard copy within eight days. Since last talk with AK, around 45 days have lapsed. Yet, neither have I received a call from AK nor I have received the Loan Agreement.

2) The Credila has increased the EMI amount from Rs 9000 pm to Rs 9500 pm w.e.f from October 2011. The hike works out to 5%. I have paid the instalment for October, on 12th October @ Rs 9500. The hike was conveyed via SMS. There is no written communication giving the basis of working.

Complaint
[protected]
1) AK is an irresponsible Relationship Manager. Initially, he would not pick up calls /reply to my SMS. After firing him once, he promised to act more responsibly.
More importantly, I feel there is no efficient internal procedure system to check whether Loan Agreement documents are delivered to the Loanee, in certain time period frame, after all formalities and full disbursal is made. Why a Loanee has to follow-up for Loan Agreement in first place and wait for two months (still counting)?

2)The hike in EMI @5% (jump of Rs 500, from Rs 9000 to Rs 9500) is too steep. The lending rates have gone up 25 to 50 basis points. How come, on educational loan, the hike is over 10 times the general hike in lending rates. And this will have huge impact on 7 year Loan tenure. Secondly, this hike was communicated by a SMS. Why there no written communication justifying the hike? Why there is no transparency? The formula arriving at new EMI amount should be disclosed to Loanee.

Action requested
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1) Loan Agreement, with all the blanks duly filled in and rectification of pointed errors should be sent at the earliest. The revised re-schedulement of EMI also be sent.

2) The written communication, showing detailed working of hike in EMI should be sent immediately. The formula showing how the new EMI figure is arrived at should be revealed. There should be justification for rise in 5% in EMI (from Rs 9000 to Rs 9500, jump of Rs 500) as against the hike in general lending rate by 25 to 50 basis points.

Yours sincerely,
Hitendra Mehta
(Father of Loan applicant Shreyans Mehta)