Credila Financial Services — High interest rates, account maintenance charges during loan repayment phase

Address:	Chennai, Tamil Nadu, 600096
Website:	www.credila.net/help

Education loan is levied interest at 12.25%. Post-demonitisation interest rates of all loans were revised downward by most banks.

Current ROI is 12.25%. When requested for interest reduction, the following is the reply --

We are reviewing our borrowing cost, operation cost, etc. closely and as and when we see reduction in the same, we will pass on the benefits to you and other customers.

No timelines given for reduction of interest rates.

Account maintenance charges of Rs.1500/- is debited, once repayment of loan commences. No charges are debited when loan is availed or during the tenure of the loan, until repayment. Why?.

Loan repaid in every instalment is different from that shown in loan account as amount received.

At the time of availing loan, Credila has promised that an amount of Rs.5000/- worth of books can be purchased free. No such option given to student.

Not many ATMs in USA are having facility for withdrawing through HDFC Forex card. For every withdrawal from ATM in USA, there is additional charge imposed, which was not communicated to us and neither reimbursed.

Overall bad experience.

Prospective Students -- Approach Government banks instead of NBFCs.