HDB Financial Services — hdb financial service - loan against, insurance, policy, (bharti, axa aditya birla hdfc bajaj finance city finance etc)

Address:

DELHI-NCR, 110001

A completely new method of fraudulent is trending not now from last few years as you may check others complaint of the victims of same subject line.

First of all you will get a call from any source saying that they are talking from HDB finacial services and will be offered loan with very low rate of interest that is 3% generally. They will also tell you that you dont need to pay any kind of EMI and no processing or closing fee is there with loan. As per their statement with me, i am describing all but may be it can be differ with person to person; 1st of all Your CIBIL score will be checked by them by taking PAN no. and then they confirm your loan amount and accordingly insurance policy amount which you have to purchase first. Their mode of operation is like if you are seeking loan of 10 Lakh then first of all they will check your CIBIL and confirm you that you will get that amount or not just for making it more authentic. if they confirmed then they will tell you that for 10 lakh you have to take insurance policy of 1 Lakh just for the security of loan. in which you have been asked to purchased policy of 50000 earlier before loan amount and rest 50000 after loan. At the same time they will tell you that benefit of taking insurance policy by your own that you will get 40% off which is supposed to be agent fee for consecutive three years. That means you have to pay only 60000 annually instead of paying 1 lakh every year. They will provide you the proposal no and asked you do insurance directly from online and share the transaction id to just process the loan. once you done then the real story begins first of all they will make you engage for 15 to 20 days in the name of process and after that they will not entertain you or either say that your loan approval is denied or you may have to purchase some more amount of policy but you will never get loan only you get insurance policy that's it.

HOW THE PERSON GET ATTRACTED WITH THEIR LUCRATIVE OFFER:

1) You don't have to pay EMI or interest only you have to purchase insurance policy which you think that this is for my benefit only. and they will tell you that we will be taken money after maturity of insurance policy then where is the loss any one can get easily trapped off.

2) For first three years you are getting 40% off or refund as an insurance agent fee by doing on our own and you will be again trapped here for saving and with such a fantastic lucrative offer.

3) Rate of interest which is 3 % as low that even no financial institution can offer such a great ROI low to the last trapped or big lucrative offer from them.

FOR EXAMPLE:

if you have been asked for 10 lakh loan then you will be convinced by them that you have to take insurance policy of 1 lakh first just to process the loan amount as a security of their loan. but they will only asked you to take 50000 of insurance policy first and rest 50000 only after loan approval. if 10 lakh for 10 year with 3% of ROI you only have to do is to take insurance policy of 1 lakh per year for 10 year they will convinced you that after 10lakh of insurance policy you purchased in 10 year against equal of loan amount your job is done and now rest for another 10 years to complete the maturity of policy. in 20 years your amount will be 20lakh and they will now take their 10 lakh and 3% interest means 30000 x 10 = 3 Lakh Total is 13 lakh from your maturity bond and rest 7 lakh from 20 lakh will be yours. with this they offered you 40% off for three years means 40000x3 = 120000 means your total is 820000/- without any risk. Great master plan that anyone can be easily convinced and trapped off but actually it's a new way to rob public. so be aware and keep yourself away with such fraudulent. Don't think is greedy way but think with sense that such offer is just to make you fool. Actually they earn crore by selling policy with such practices.

PS: Convincing method could be anything depends upon person to person or their new way of robbing common people.

Now we kindly request to concern authority to take appropriate action with these fraudulent and HDBFS also take notice of such practice in name of their brand as some of their senior employees of insurance agency and financial services are indulge to make it happen at ground.

Consumer complaint team please notify RBI & Insurance regulatory board along with concern authority.