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[Resolved]  HDFC Bank — Interest rate charged to existing customers

Dear Sir,

I am one of the unfortunate middle class customer of HDFC having taken housing loan with them in the year 2001 with floating rate of interest. My loan account no. is[protected] and I have Rs 12 Lacs loan with HDFC.

I am pained to note that HDFC has not been ethical in dealing with the floating interest rates for the existing customers. I am surprised to find that HDFC even today is charging me 12.5 % interest today when the new customers are all getting charged at the rate of 8.75 to 9 %. This is highly unethical and day light robbery.

I understand they are using a technique of passing on the benefit to only new customers by adjusting the spread only by givng more discount from PLR. As an existing old customer, my interest rate is defined by the HDFCs PLR which they seldom touch. This is is sheer cheating.

The trust with which I had been having my relation ship with HDFC is broken by this cheap tactics and I as customer is very pained and feel cheated. The purpose of taking the risky bet with floating rate is to look for the benefit during the reduction of interest rate. I find HDFC is quick to pass on the increase of interst rate due to macro economic factors and is cheating existing customers by adopting un fair means of varying the discount on spread to the new customers. This is atrocious

I am lodging this complaint with the Honourable Reserve Bank of India for an urgent action in stopping this cheating of customers like me.

I would request RBI to take this issue strongly and arrive at a way by fair way for both the NBFC and the customerlike me. The existing lacunae in the system of NBFC being allowed to set its own PLR should be done away with and the same need to be tied up with and independent regulator's interest rate announcements (like RBI)

I am looking forward to your action in this matter to resolve this cheating by NBFC Await your response to take the matter forward with RBI / Consumer protection groups. Request HDFC to not cheat the customers like this. Regards

Mr.T.C.N.SAI KRISHNAN,
Plant Admin Manager,
Asian Paints -Phthalic Division
H3, Asian Paints Phthalic Colony No.2,
Plot no. 605-607 GIDC,
Ankleshwar, Gujarat – 393 002.
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  4 CommentsShareTweet

Comments

Please let me know the exact amount of my home loan's EMI for the month of June 2009. I want to deposit my EMI with late fees for the month of june 2009.


Thanks.
I completely agree with you, Mr Sai Krishnan. HDFC is cheating its unsuspecting customers, but that is the case with most of the private banks in India today. RBI has failed miserably to control these fleecing agents. Many people who got lured into HDFC's honey traps like us are realising our mistakes. I have decided not to deal with HDFC in future. I am also letting all my friends in my network to deal with HDFC. I have been successful in a few cases already. My new car loan has just been obtained from a nationalised bank, which cost me a few more trips to their branch. The other thing that you did not notice in your complaint is that senior management of HDFC told the public that they haven't been able to bring down the interest rate for the old customers because the cost of their funds haven't come down. If that's true, old customers rates would never have gone up in the first place with the raising interest rates. Let all the Parekhs become even more fatter by sucking our hard-earned money...
Dear Sai,

I totally agree with you. There is no monitoring body for these banks and they cheat the customers as they want.

They are real crooks roaming fully dressed up.RBI also knows this and all are hand in glove.

I suppose the option is go to consumer redressal forum where atleast you get a hearing

Thanks

Bragadheesh
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I am also agreeing to this complaint. HDFC does this in a smart way. They are also one of the banks in the market who are cheating people. I am going to close the account soon. Next time i will not go for HDFC bank.

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