Credila Education Loan — Return of Administrative fee -Application No.: A[protected] dt 12 Apr 14

Address:

Gautam Buddh Nagar, Uttar Pradesh

My son wanted an education loan of Rs 50 lac for his MBA program abroad. We contacted HDFC Credila, NOIDA in Aril 2014 and their agents promptly came over all over eagerly extolled all the benefits etc etc. As co-applicant and guarantor I was to mortgage my AWHO house in Chennai. I sent copies the floor plan and registration details, they sent their inspector to physically inspect the premises - all very promptly so I was really impressed. They asked me to transfer by net banking the administrative fee. The agent, Mr Anuj Kumar, misled me by saying its less than 1 % . I was asked to pay 70, 225/-. Why ? because he did not mention that taxes were extra. Only after I pay the administrative fee they would give the letter of credit to satisfy Visa requirements. So, I paid the amount on 21 Apr 2014 and sent them the 'transaction successful' screen shot picture as advised by their agent. They sent a badly drafted soft copy of 'letter of credit' by email without any signatures and my sons name mis-spelt. It seems to me that these were outsourced agents of HDFC Credila since their emails emanated from yahoo. Within a few days I received a letter from Credila asking for detailed building plans of my house from the architect to enable processing. This would have taken months for me to get from AWHO and I did not have that much time . I told them that their inspector has measured the floor area, the UDSL is clearly mentioned in registration documents uploaded to them and land value is available online for that area of Chennai, which can prove that my flat is worth far more than loan amount. They just pleaded their inability to help as their legal dept requires those details. So I had to arrange funding pledges from relatives abroad to get the VISA for my son. Now HDFC Credila NOIDA refuses to return the administrative of Rs70, 225/-. which I had paid . They haven't even given me a receipt for the amount. I got a telephonic query from their Mumbai office as to why I have not pursued with loan. After narrating the whole story I asked them to refund the administrative fee- they say -sorry you have to approach the NOIDA branch. My advice to students and parents seeking education loans is - avoid Credila like plague. They will swindle you