HDFC Personal Loan — HDFC Personal Loan
Trtrulysrp on Feb 9, 2011
I had recently applied for personal loan and was rejected after week long process of documents collections, many verification phone calls at office, home, reference and physical verifications at office and home. The reason given by current day faceless banking phone executive is that my name appears in CIBIL. Any further questions goes unanswered and some times get imiganary replies. My point is if banks take CIBIL score/reports so seriously for processing loans, why not first ascertain this first before collecting documents and other procedures. This will surly save valuable time and efforts of every one involved.
Is it not the duty of the banks to explain why there application was rejected. RBI should make this mandatory to duly explain to consumers in case of such application rejections. The accuracy of CIBIL data is another monster all together which i will not mention here.
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