Credila Financial Services — 24 months extra interest (PMIs) deducted on my Daughter's education loan - A[protected]

Address:	Pune and Mumbai
Website:	www.hdfccredila.com

My daughter has taken education loan of inr 12 lacs (from actual sanctioned 15 lacs) from HDFC Credila financial services in year 2016. Then first disbursement of inr 5 lacs was taken for paying the initial semester fees of Dalhousie University, Canada where she had taken admission. After that in April 2017 I requested for additional Disbursement of inr 7 lacs to pay remaining semester fees and also requested to start actual installments of the loan instead of keeping on deduction only interest (PMI). For this we had emailed Pravin Jadhav in Credila, Pune local branch to start the actual installments of this loan (regular EMIs) instead of continuing PMI as per advice of my financial advisor. After that again in year 2018, I had emailed the authorities at credila pune that my daughter has been employed past 6 months. But again they bluntly ignored this email also and added the undue burden of loan moratorium after the period of study. you can see below the very first email in the above context which we had sent to intimate to start actual installments.

From: Nupur Shah
To: PRAVIN JADHAV
Sent: Tuesday, April 4, 2017 11:27 AM
Subject: Disbursement of 7 lacs INR
Hello Mr. Pravin,

This is regarding the fees which I need to transfer to University for education of my daughter. The amount of 7 Lacs need to be transferred ahead in this week. Also that please start the actual installments of this Loan to be repaid. This is necessary to avail tax benefits in better way as discussed with our Financial Advisor.
Kindly inform me what will be change in repayment schedule as of date prevailing interest and what is amount of loan installment next month ahead. If required we can discuss and conclude.

Thanks,
Shwetal Shah

Despite of multiple EMAIL REMINDERS, to this globally acclaimed financial Organization, there was no action taken on their part, due to which my Daughter has to bear the heavy interest burden her education loan despite she was able to pay regular EMI since April, 2017.

I have persuaded this matter with the Credila grievance and the local branch manager since a month regularly over several emails and phone calls, but they are yet trying to ignore this blatant laxity on their side. On the contrary they replied me to continue paying installments and never bothered to look at the actual complain and reverse the extra interest which they kept deducting despite email sent as highlighted above.

Student Loan account number - A[protected].

I am hence forced to go on the Consumer forums to get justice at high priority. This is a case of gross DEMORALIZING and over-burdening the aspiring Indian females who want to study abroad for making a good career. One can understand that what mental trauma a student has to undergo especially when female - when they are already loaded with the Masters study curriculum and have to repay the huge loan burden from the limited job hours and opportunities which they get abroad. My daughter could hardly get 6 hours sleep due to the burden of getting good marks and to continue earning to repay loan. This is an example of how greedy Credila is for earning interest on Student loans and they have sound proof ears wherein they cannot even generate a Service request number for the grievance which we lodge with them. They may be proud of their big name and the way they penalize students for just delaying the Emi/Pmi but they never looked from the other side of the equation where the fate of aspiring students is affected due their greed..

God save us from such hard headed management who only care for their own profits and their greedy financial milestones but never looked from the student's education perspective.

Request this forum admin to pass ahead to the highest authority in HDFC Credila main branch for bringing justice at earliest for my daughter.