Credila Financial Services Complaints & Reviews

My manager by name Harshavardhana Rao as been cheated me by promising me that he will give offer letter after joining the compnay.He never turn back till date and he never allow me to talk to the concern person.Inspite of call ing to HR I never got any response from them.This company will gives silly reason that they will give the offer letter after we complete 1 month and its been 4 months (date of Joining 9th OCT 2013) till now I have not recieved my offer letter.Also they don't even care for their customer and they will never turn back to them after logging in the case.Harshavardhana is the manager He will give fake promises to customer and even though he doesnot know about the process or product.Please don't avil loan from them.

I don't know how they (Credila) operate in such lackadaisical manner. I was initially (in Aug 2012) sanctioned the education loan in Delhi (after numerous rounds of discussion, document submissions and collateral proofs along with co-borrowers) for higher education. On the basis of this sanctioning, I started pursuing my masters in the US in the same month. After a few months, for their own reasons, they decided to decline my application (a signed agreement being already in place, which stated the sanctioned amount of my loan!). Thus in the middle of my course, I was left with no funds. While I had some relatives who were able to pitch-in the money for me to sustain in the US for the length of my education, I am wondering what would have happened if I was unable to source money from elsewhere! I would have had to halt my studies mid-way and return to India just because of the careless attitude of CREDILA staff. I am now fighting a battle to secure back all the documents (original property documents, cheques, other) that I had submitted to Credila during the time of sanctioning my loan. It has been 1.5 years and constant follow-ups with them fall on deaf ears and they still have not returned my documents! (They state that their policy mandates that I physically return to their office in Delhi and collect the papers!!) My only hope is that they act in a more professional and structured manner and that no other student, looking for education loan, should depend on Credila again! I am still to get back the original papers and documents but am struggling to get a sane and responsible reply from Credila. Robinson Current Location: USA

Hi, These people are only interested in getting the processing fee from everyone. They donot know what is required and not required for the loan processing. They are very friendly and show that they are geninue till the time they receive your processing fee, after that they will look for ways to dealy or cancel the loan. Regards, Jagadeeswara Reddy

Dear Ripal Kumar Seth, Trust you are doing good and this mail reaches you in good health & spirits !!! This mail is pertaining to bring to your notice on my bad experience with HDFC credila department. Considering the good experience and service of HDFC banking department I was very much eager and sure regarding the credila services too. Thanks to few executives who proved me wrong. I had approached your representatives of Andheri branch Mr. Amar, who showed me a rosy picture of many possibilities with an assurance on the sanction of my loan. However, once submission of documents nobody followed up with me. After waiting for a week, I called up myself to understand what is the status of my loan application, I was said that my application got rejected and no reason was given to me. My question to the department is do you want the customers to call and ask about the status? Cant your department give a ring to me saying that it can't be processed due to x.y.z reason? As no reason was given to me on constantly asking... I requested them to reconsider my application. To this I was treated like a hot prospect again assuring me that they will call me by next following Monday at 11am. Let me inform you nobody called me again till the end of next week. Again I had to follow up and on doing so your representative i.e. Mr. Amar doesn't reply me well and speaks as if m begging them for loans. He forwards my call to Mr. Sawant who was said to be his Senior who replies me very rudely that the person who cross verifies the application is not on the desk and it will take more a week or two for them to get back. Of course my understanding of any such responsibility services says that such institutions have more than one person who can cross verify on somebody's absence. On questioning that Mr. Sawant replies me that this is how we work, if you want the loan you have to wait otherwise take your documents back on writing a mail to him. Today Amar calls me up to ask in his attitude tone "Sir we havent received your mail to return your documents. .. when are you dropping us a mail to give you the documents back". He called me once again today itself to remind me that I havent mailed him & he is constantly checking his mail ". Is this the way you guys behave with your customers?? Your Grievance Redressal Mechanism says that customer should be responded & through guided through the complaint procedure. is anybody even keeping a track what on this ??? I had to mail you this scenario in response to the way credila has treated me as a customer. Does anybody listen to the call recordings on what your lower level executives speak with your potential clients? Is there a quality check on these people? I would have gracefully accepted that there must be some requirement lacking at my end thereby my application got rejected/not processed (today I doubt whether did they ever consider it or not ). Is it the way way you train your executives? Or probably my loan amount was less that was needed to treat me better? It's a complete hogwash system of this department wherein the customers are treated as beggars who are begging to get loan. Am dejected with your treatment, and will not probe me any more to ever use your services in future. I know losing one customer will be like a pie in sky which wont affect your banking services. But I shall make sure whenever anybody asks me regarding your services I will be forced to not recommended this services to my near and dear ones as I don't want them to go through the bad treatment that I went through. With the end of this mail I want my documents to be returned as am I have lost my trust in your system and afraid that my documents will be misused.As you representatives come with lucrative offers to collect the document at the customers place similarly I want my documents sent to my address. I know sales people take the documents to show their Seniors that they have a lead which they are following up irrespective of the fact on how they are being reverted. I hope my efforts on bringing this to your notice doesn't go in vain and reached the somebody who is still high on their moral values. Regards, ... With Best Regards Rajnish Shetty Crime Specialist, +91 - [protected] / [protected]

I had applied for Education loan for my Wife’s Post Gradution studies in Maters of Engineering almost 2 months back. I had submitted all documents then Loan was at verge of approval but suddenly they told me that there is some problem in my CBILL.I told them that it is fake issue already reflecting in my CBILL I had already raised complaint regarding same in Consumer Court. Also my Home loan is running smoothly since 5-6 yrs which they have track record & My car loan is with HDFC only & at that time also this CBILL issue was there but still they managed & I got 6 lacs car loan approved, for which I am paying EMI regularly since last one n half years time. I really don’t know what is issue to approve 2 lacs of educational loan by such a well known trusted Financial Organization. After all these issues we had changed Guarantor for loan to my Wife’s Father ,we arranged all documents but your local representative is not ready to pick up call & collect documents & we are just following up since last one month’s time.

I had applied for an educational loan through Credila on reference from an NGO Organization. Initially the plan looked wonderful and I skipped applications to all other banks when I was told that I would get the sanction within 7 days by Mr. Siddhesh & Mr.Tushar at Parel branch.
To my shock :

The repayment terms were changed and I was told after 5 days that I would have to start repaying for my loan immediately after the disbursement as my university fell in some different category. This could have well been told to me on the day of submitting my documents.

This was just a start to the problem. They started creating issue with the documents, rejecting calls and ignoring requests. Eventually the interest rate which was supposed to be 12.95% shot up to 14% after 15 days and new terms started springing up. Somewhere a week back when I called up they said they would try to reverify my file which clearly shows foul play initially at least to me.

As I was sure of the strength of my file, I decided to move out and have asked them to return my documents on reasons that it could be misused. Its been over a month and the documents are still not returned. The executives are not receiving my calls. And there is no grievance registering information I could find on their website.

Summarizing I feel Credila just delays the process so long that you are in no position but to accept their loans and terms even if they are modified.7 day loan disbursement is all non-sense. All I need is my documents to come back to me in full. Would be thankful if you could take this up.

Thanks & Regards,

Nirav Dedhia

My Details:

Name : Nirav Dedhia
Email : dedhia.[protected]@gmail.com
Credila Incharge : Siddhesh & Tushar, Parel Branch, Credila

Dear sir/madam,

I have applied for an education loan to study MS from USA from
Credila Financial Services, Pvt. Ltd.
3rd Floor, Damodar Hall Building,
Dr. Babasaheb Ambedkar Road,
Parel (East),
Mumbai 400 012, India
Email: [protected]@credila.com
From: Mr.Anand Kharat
[protected]@credila.com
[protected] / [protected]
in the month of February 2013.
I have been receiving...

I needed a student loan and approached Credila for the same.
However, it is BIG BIG disappointment the way I have been given service from Credila.

First representative that I was assigned was Mr. Harshavardhan Rao. For consecutive three days he or someone from his team made false commitment that they will come to my house but they never did. It was a sheer waste of my time waiting for each one of them for all those three days.

I spoke to Sunil and he assigned Susanta Mallick to my case, but the outcome was no different. I called up and requested for a visit on 5 pm on24th March 2013 and he committed to make a visit at my place. However, he also didn't turn up, and not even bothered to call to inform he would not be coming.

When I called up Susanta to know why he didn't come, he was more interested to know why I didn't call up to re confirm.
Then, he again confirmed that he would come on 25th March 2013 at 3 pm. Again, I waited but of no use as nobody came. This morning i.e. 26th March when I called up to complaint about it to his manager, Susanta said that he is the Senior Manager. When I insisted on talking to his boss, he gave some useless excuse and said he will get back to me.

I am not only taken aback by the unprofessional behavior of Credila representative but have more or less decided not to avail their service.
However, I will make sure that my case reaches to right people.

I will make sure to keep on escalating my complaint to higher authorities.

I hope Credila representative learn to value the time of their CLIENTS.

Dear All,


we have applied for the loan in credila Educational loan one back. after completing all the formailites ask the credila now they simply send the mail stating that the loan is Non approval becuase of Some norms and conditon of the banks there are not given any specify answer for what reason it has been rejected or etc just wasting the time of the students and parents

I'm a recepient of pre-approved Education Loan from Credila for pursuing EPGP04 course from Indian Institute of Management, Kozhikode. My 4th instalment fees are due on 20th June '12. But till now nobody from HDFC have got back regarding Agreement Copy for disbursing loan amount through netbanking. I know somebody from Credila called Sundar Dhuri whose response is nothing short of pathetic. Whenever I have called him he doesnt answer, when he answers it is through sms or otherwise only asking for half an hour / 1 hour to get back but again when I call he never picks up / responds that he is busy. I'm utterly frsutrated by the response of Credila team including Mr Sundar and all the more since my next instalment payment deadline is drawing near. Please tell Credila to pull up its service levels by the bootstrap. Such pathetic response and service levels will not auger well in the long run.

TR,
Devamalya De
[protected]

CHEATING BY CREDILA EXECUTIVE----"

Dear Sir,
I applied for education loan for MBA in "Lal bahadur shastri institute of
management" New Delhi and Miss. Shruti Goel, one of Credila employee was handling my case. It s a very shocking for
me that most of the conditions mentioned below related to loan were hidden in the beginning and not disclosed and
just when the loan got sanctioned...

Following is the continuation of earlier complaint thru' this forum. HDFC has partly that too incompletely resolved the complaint of non-receipt of Loan agreement post disbursal of full loan amount. Secondly, the working formula for hike in EMI from Rs 9000 pm to 9500 pm is not provided despite promise by Mr Amit of HDFC credia. More details in the following letter.
[protected][protected][protected][protected][protected][protected][protected][pr...⇄

From :
Hitendra Mehta
A/201, Seeta Mahal
5th Kasturba Road
Borivali (East)
Mumbai – 400 066
Cell :[protected] E-mail : [protected]@rediffmail.com
[protected][protected][protected][protected][protected][protected]
December 7, 2011

To,
Credila Financial services Pvt Ltd
B-301, Citi Point, Andheri-Kurla Road
Next to Kohinoor Continental
Andheri (East)
Mumbai – 400 059

Dear Sir,

Re: 1) Receipt of incomplete / incorrect copy of executed Loan Agreement documents, post-disbursal of full amount, for over three months
2) Unreasonable hike in EMI amount without any written communication & working

Loan a/c No: A[protected]. Loan Applicant: Shreyans Mehta
[protected][protected][protected][protected]--

Facts
-------
1) subsequent to my complaint lodged on October 15, Mr Amit from Credila called up and he was briefed by me again about the details of complaint.

His assistant Mr Anand Kharat ( RM) arranged to despatch copy of Loan agreement but same is incorrect & incomplete. The matter was communicated vide e-mail to HDFC customer service department about 15-20 days back. I had also communicated to him vide SMS but there is neither response nor they have sent the corrected Loan agreement.

2) Mr Amit promised to send details of calculation of hike in EMI amount from Rs 9000 pm to 9500 pm. I had informed that the hike of almost 10% was too steep on back of 25-50 basis points hike in interest rate by RBI. Also transparency demands that the method of calculation be shared with the Loanee as the impact would be for seven years of which only 3 months have expired. Overall impact of hike calculates to Rs 42000 ( @Rs 500pm for seven years) on loan of rs 8 lacs. It works out to 5% of the Loan amount.

But till date, I have neither heard from MrAmit or received the letter from HDFC credila sharing the working of hike in EMI.

I wonder whether I need to follow RTI route or file a legal case to resolve this one.

Yours sincerely,
Hitendra Mehta
(Father of Loan applicant Shreyans Mehta)

i approached credila twice,,initially some lady at andheri branch told me it was easy to get loan, probably in 3 weeks but she just didn't care in offering any support,later on saying of my friend I went back to them and with kind support of some other guy he cracked my problem just before when it was required(15-20 days)...thkz to "anand kharat",,,,,he made me to study and pursue my higher education,,,,thkz buddy once again

It is almost one and half year passed I am engaged with Credila through education loan and I found this service best so far. I still remember, in 2010 I was looking for a education loan and to get knowledge about different services, I was surfing internet blogs, talking to people about their experiences with their banks for loan etc etc and almost everyone gave negative responses. I have also tried that time SBI, ICICI etc. but I was not satisfied. Credila was new name for me I and I saw their advertisement on television. One day afternoon I just went to their website and send request for call. Second day one guy call me. I explained him everything that what type of loan I am looking for and all other stuffs though I was not serious about Credila that time. Same guy then send me an application form through mail on that day only. I filled that form as per their instructions and submitted. Some days later that guy call me and two weeks later after submitting some documents and bank letters, I was holding loan sanction letter in hand for applications of VISA. Everything happed so fast and easily that I can’t explain here but one thing is really nice about that guy and that was his politeness and helping nature towards me and I think he is same for all his customers. From that day upto today he is consistently in my contact through mails. The name of that guy is Mr Anand Kharat. I met him only once that too when I went for final formalities to Credla Andheri branch office. Interesting thing about my sanction letter and my loan is that initially I was looking for a loan by keeping my shop as a mortgage. But at the last moment I could not show original papers to Credila and within an hour Mr Anand Kharat covert my Mortgage loan to Guarantor loan by submitting salary slips of that person. This was really helpful that time for me.
The foremost thing I would like to share here is that after my experience I suggest my cousin to go with Credila. He was in hurry for all applications for visa and after my suggestion, on 5th day he called me and told me that he also got sanction letter. This part of Credila was really exceptional that they manage to offer sanction letter in just five days.
I am really shocked after reading this blog and all complaints about Credila. Many people have mentioned about their interest rates changing criteria but actually speaking, Credila personnel explain all these condition in their first meeting only so I don’t think there should be any problem. Whenever I call Credila office, I got assistance quickly, not only with Mr Anand Kharat but also from other members who frequently called me for verification.
Finally I would like to end this discussion with stating you all people that Credila is the best service I have found so far. At least they give assistance to their each and every customer without any differences. There may be lack of some services but after all no one is perfect in this type of businesses. And once for all, Thank You Credila and Mr Anand Kharat for your help and services.

From :
Hitendra Mehta
A/201, Seeta Mahal
5th Kasturba Road
Borivali (East)
Mumbai – 400 066
Cell :[protected] E-mail : [protected]@rediffmail.com
[protected][protected][protected][protected][protected][protected]
October 15, 2011

To,
Credila Financial services Pvt Ltd
B-301, Citi Point, Andheri-Kurla Road
Next to Kohinoor Continental
Andheri (East)
Mumbai – 400 059

Dear Sir,

Re: 1) Non-receipt of original executed Loan Agreement documents, post-disbursal of full amount, for over two months
2) Unreasonable hike in EMI amount without any written communication & working

Loan a/c No: A[protected]. Loan Applicant: Shreyans Mehta
[protected][protected][protected][protected]--

Facts
-------
1) My son had been granted education Loan of Rs 8 lacs and the amount has been fully disbursed on 19th August. 2011. Since then, I had been in touch with their representative, Mr Anand Kharat (AK) (Relationship Manager) for getting a Copy of Loan Agreement but all I could manage, after follow-up, was a soft copy. This soft copy was having many blanks and at two places there were errors. This was pointed out to AK and he promised to arrange for corrected hard copy within eight days. Since last talk with AK, around 45 days have lapsed. Yet, neither have I received a call from AK nor I have received the Loan Agreement.

2) The Credila has increased the EMI amount from Rs 9000 pm to Rs 9500 pm w.e.f from October 2011. The hike works out to 5%. I have paid the instalment for October, on 12th October @ Rs 9500. The hike was conveyed via SMS. There is no written communication giving the basis of working.

Complaint
[protected]
1) AK is an irresponsible Relationship Manager. Initially, he would not pick up calls /reply to my SMS. After firing him once, he promised to act more responsibly.
More importantly, I feel there is no efficient internal procedure system to check whether Loan Agreement documents are delivered to the Loanee, in certain time period frame, after all formalities and full disbursal is made. Why a Loanee has to follow-up for Loan Agreement in first place and wait for two months (still counting)?

2)The hike in EMI @5% (jump of Rs 500, from Rs 9000 to Rs 9500) is too steep. The lending rates have gone up 25 to 50 basis points. How come, on educational loan, the hike is over 10 times the general hike in lending rates. And this will have huge impact on 7 year Loan tenure. Secondly, this hike was communicated by a SMS. Why there no written communication justifying the hike? Why there is no transparency? The formula arriving at new EMI amount should be disclosed to Loanee.

Action requested
[protected]-
1) Loan Agreement, with all the blanks duly filled in and rectification of pointed errors should be sent at the earliest. The revised re-schedulement of EMI also be sent.

2) The written communication, showing detailed working of hike in EMI should be sent immediately. The formula showing how the new EMI figure is arrived at should be revealed. There should be justification for rise in 5% in EMI (from Rs 9000 to Rs 9500, jump of Rs 500) as against the hike in general lending rate by 25 to 50 basis points.

Yours sincerely,
Hitendra Mehta
(Father of Loan applicant Shreyans Mehta)

Message Body
This mail is in reference to the education loan I was willing to take from HDFC Credila Bank Ahmedabad Branch and its manager is Abhinay Vyas ([protected])

However, due to the tedious procedure, inaction from Credila representatives even after submitting all the details asked for, non-disclosure of all the relevant costs to the borrower and the inconvenience caused to me and my family, we decided not to get associated with Credila in any way.

It took hell lot of time in loan procedure. Further, disbursement was subject to conditions mentioned which included submission of documents (which were already submitted with due care) and details in format you prescribed. However, we were asked to submit the same documents again and again and made the entire procedure time consuming.

Also, all the required documents were submitted till 17th June by me. Nevertheless, I received endless calls from executives saying documents not received and later, on clarification that all the required documents have been sent across we were told that the documents were received but were not checked. All such small things add up to make the procedure time consuming and increase the level of frustration.

As communicated to them via telecom earlier, the loan processing fees were debited by them without even receiving a signed loan agreement from my side and before disbursing the loan amount. It is a legal wrong to charge me the loan processing fees without even receiving the signed copy of the agreement. It is not right on their part to charge me for failed attempt to convert me as Credila's Borrower.

Also, due to all this I had to incur a liability of late fees charged by my college amounting to Rs. 1,500 and I felt insulted when I received a call from administrative official for not paying fees on time. Despite of repetitive reminders from my side regarding the deadline of fee payment, the procedures did not seem to end.

Moreover, I was not provided with all the information on costs to be incurred by your executives. Only, when I read the mail mentioning the insurance to be taken I asked your executives regarding it. Its only then when I was informed that this is an additional cost which I am supposed to incur to get the loan. Subscribing to insurance which is again non –refundable, for which we were to pay Rs.8,045 was an undue burden as before the fees is disbursed and I have to make a payment of (8045+3640=) Rs.11,685 initially. Also, later on every month with EMI. I had to pay the insurance amount whereas it was not at all discussed earlier. Insurance was subject to cover your risk of financing my loan so you should have paid for the insurance, rather than passing on the cost to borrower, as a borrower I was supposed to pay Interest and Principal component which is combined in E.M.I, which will include profit of Credila.

What a plan is this! They take guarantee of 2 people who are earning and take all their proof of earning etc., and then you ask us to subscribe to the insurance, to boost business of your sister concern HDFC ERGO also placing a burden on the borrower of such unnecessary costs and while promoting your loan products you very conveniently say hassle free loans with no mortgage.

I was fully interested in taking loan because of which I submitted all IMPORTANT documents, sourcing it from everywhere, which should be kept as classified documents, but improper co-ordination, lack of adherence of time, not furnishing or detailing borrower of associated costs. All time and energy was in vain.

All this procedure started in May 15th 2011, but it did not seem to end. I arranged the amount for paying the fees, as we have paid all the amount of fee from our own sources till date remaining 1 instalment will also be paid by us and now no loan is required.

On my request to refund the processing fees they are playing games by just ignoring and not answering at all, on contacting Regional Manger Ahmedabad, Mr. Avinash and placing complaints on their only mail id [protected]@credila.com (no complain redressal body), only promises of resolving the issues are heard, and nothing else and after many attempts to talk to them is not serving fruitful because they have turned their deaf ears to the issue. And the manager is Pathetic of Ahmedabad Branch.

Arpit

Dear Sir,

I have got Education Loan of Rs 8 lacs sanctioned from HDFC Credila, Mumbai for my son for overseas studies. I was not required to provide any collateral.and they have charged higher rate as it falls under the category o[censored]nsecured loan.

On taking the disbursement, I have given post dated cheques as part of documentation. I was also required to make payment to HDFC ERGO for taking insurance cover for...

I have taken Education loan from Credila financial Services. But their services are very poor. They never deposit the college fees on time whenever requested by me. This has now happened for second consecutive time now. They don't deposit the fee on time and due to which I have to face fines and penalties from my college. Their representative Mr. Sunil in Jaipur doesn't even reply on time and even disconnects my calls most of the time when I try to call. In spite of giving them prior notification about the fee installments, they never get their acts together and pay fee on time. This leads to a major problem. This time around after no replies and action from their sides, I had to deposit my fees by arranging funds on my own after the last date was already past and thus the entire purpose of taking loans gets defeated.

very year number of stduents,collegians and professionals in india pursue higher studies or MBA in India or abroad. Famous destinations like USA, Canada, UK and Europe have great quality of life and education to fulfill their dreams. As the educational expenses around the globe continue to grow ,they require some form of financial aid or loan. However, there are number of loan approving bodies in India and US both. In USA, usually federal loans, perkins loans like FAFSA etc are quite sufficient but have obligations and require a US co-signer. Moreover,these financial aids are not available to international students.
Hence, indigenous financial bodies like CREDILA has tied up with HDFC Ltd, to provide indian students the loan facility. But Are these institutions living upto the expectations? Recent studies of CFA (Chartered Finacial Analysts) have revealed that such institutions levy a big collateral security from applicants, in form of tangible and fixed assets such as Home and fixed deposit etc. Usually parents act as co-signer for approval of students loan and repayment go upto a period of 20-25 years. The collateral security is 4X value of loan and much less than MV (market value) of the house property , home etc. Also, repayment amount comes out to be 4X loan amount with interest added compounded anually for 20-25 years.CREDILA never ever release a single penny to students who dont satisfy any of the above mentioned obligations. Hence, in hindsight, students and their parents in a quest to secure better future are so much drowned in debt that theres no coming back!!

Similar instances have been drawn from US institutions such as Salie Malie back or GSRC. But with a vibrant economy and revised reforms by President Obama has eased out things a bit. But countries like India and Pakistan are still to come to terms with it. Indian govt. has unleashed a lot of reforms for students who are meritorious and looking for need based finance but real picture is that its all on papers only. Indian Banks and profit making bodies have devised a way to exploit the conditions. Such financial banks have actually become money shops where they never care for students and their future. However, SBI and some famous banks might be an exception to this..

Hence, a potential education loan applicant should consider all options and short & long-term disadvantages and benefits before going for a student loan in india.

Hello

I have applied for an education loan through the Credila Education Loan Services by HDFC about a month ago. The representative, Mr Chandu, came home and collected the documents as if he and the entire organization was very much happy to help us. He said he would let us know about the status of the loan within 10 days and there after any more required documents with regards to the collateral can be submitted. Trusting the words of the agent, we went about our normal life doing other works with regards to the US travel.

Even after 15 days we didn't get any response from Mr. Chandu about the status so when we called him we were informed by him that there was a some notice about a loan in the CIBIL report and that was holding up the case. He said he had mailed someone higher up in the chain and was expecting a reply within a day or two. This 2 day business went on for another week. We waited for 5 more days. When we called him after that we were informed that he has met with an accident and has been admitted to the hospital. After some more of conversation we were convinced that the office had not assigned his files to any other person and upon his suggestion we dropped in at their office in Hyderabad with the pending documents.

We had spoken to anther person about our case in the Credila office at Hyderabad and over hearing their conversation we came to know that Chandu right now is in Bangalore. We are wondering how a person who has been admitted into hospital is in Bangalore. That not being the point, we gave the other required documents and were informed that the status will be conveyed to us within 3 days. Another official also asked us if there was any loan pending on our account. When we told him that the loan has been cleared, he asked us to get a NOC from the bank from which we took the loan about the loan clearance. We submitted the certificate as requested and within a day we get a call from their office that the loan has been declined. The caller had absolutely no idea why the application was rejected and loan declined.

I'm writing this complaint so that other might know on how Credila works.

Their outright approach is to build the number stated on their website about how many people applied for loan but they do not seem to mention how many are happy about it.

They do not communicate properly about the loan status or anything with that regards. The agent or the office will call you only for the documents and then they are least bothered to tell us about the status of the application.

They say they have the fastest processing time but they do not revert back to the customers within the time they specified. In fact when we call them they evade our calls.

They do not state the reason for rejection of the application. All they wanted to say was that the loan has been rejected.

Hopefully some one will be benefited with this complaint and stay clear of Credila.