[Resolved]  Credila Financial Services — Cheaters

Address:	Chennai, Tamil Nadu
Website:	credila.com

Statutory warning! Beware, dont get carried away with whatever has been mentioned on their website, ie. Collateral free loans upto 25l, less than 100 percent collateral accepted, security free loan for reputed universities, etc. Everything's a fallacy. (I had applied for a loan for my ms in us)

You would not realize how much the thing "terms and conditions apply" can screw up your life until you apply for a loan with this company. It was one hell of a ordeal to get my loan approved.

Big cheats, made me run from pillar to post to sanction my loan. I had clearly told them in the beginning itself that our 2nd home was under loan. The stupid guy told me that if the co-borrower's income is more than 60, 000 pm, i could avail a collateral free loan.

Was informed that it would be sanctioned in a week. When i hoped that i would get a happy news, they told me that the collateral should be submitted and asked me to provide the sale deed and rental agreement of our 2nd home. They explained that as it was under loan, it had to be provided and the docs could be got back after the completion of the loan. Also, a property verification had to be carried out (Was promised it would be over in 5 days).

Deceivers; only after 10 days it was done, bloody hellll. Let me narrate what happened on that day. The guy called me up at 9am told me that he would be there at 11. The property is located 30km from my home and i reached there at 11.15. Dumb psychopath, the guy told me it would take a little longer, but made me to wait for 1hour and 45min!!! In the interim, he did not even pick up my calls. Bloody, dont i have any other job?

After this was done, my loan agent again provided a false promise that the loan would be sanctioned in 2 days. If these troubles were not enough, after 3 days, additional documents were requested again (Home loan track), phew!!!

I got them the next day and directly visited credila's office in chennai to complain about their poor quality of service. However, the location head was not available. Another guy informed me that they deploy external agencies for verification purpose and an action could not be initiated against them. To pile on the misery, the property verification report was not yet sent by the 'gentleman' who made me to wait for 1h 45min. (Twas a fri). Is it not your responsibility to follow it up with the external agency?

On sat, i again visited their office to meet the location head, to express my concerns. He was helpful and asked his people to check my case and expedite it. I was pleased by his conduct.

On mon, finally, my loan agent gave a good news that the loan has been sanctioned for 25 lakhs. But my happiness was short lived.In the letter, the exchange rate was assumed as 70rs per dollar, when that particualr day, it was only 68.5. Needless to say, it would result in getting several dollars lesser. Besides this, when i asked them some more amount to cover up for the min expenses, additional collateral was demanded.

This was when their heights of trickery came to light. Their answer: the current value of your propery is 41 lakhs and the loan could be availed only for 80 percent of the collateral's value, 32 lakhs. Out of 32 lakhs, 22 lakhs is already under loan (It was actually 19), so you are eligible to get only 10 lakhs for your loan!!! Yet, we have provided 25 lakhs for you. Seriously, wth man? See how they cheat us?

Ppl, let me bring to your note that i already had a 25l collateral free loan sanctioned from some other company, who completed the entire process in 10 days. But chose to go with hdfc as its a reputed company and also the rate of simple interest could be paid depending upon the co - borrower's strength. More then a month's time was wasted in waiting for hdfc credila, finally opting not to stick with them.

Even if they had asked me 100 documents at the beginning, i would ve submitted without complaining. But, every now and then, i was requested for docs. Its not worth even a 1 star. Folks, again, beware how "t&c apply" could play and screw you up.