[Resolved]  HDB Financial Services — loan against insurance

Address:

400703

This is third complaint i guess, earlier 2 were from different guys and this 3rd one is from me - subject are same.

I became victim of such fraud

I received a call from customer care executive (Stating that he is from hdb financials) mr. Pratik during last week of july offering a personal loan @ 3% p. A., but the loan will be provided by taking a new hdfc life insurance which will be mortgaged by hdb bank, against which they will sanction a loan of rs. 5, 00, 000/- for which i need to purchase of insurance of rs. 50, 000/- (Per annum).

I thought its a good plan and accordingly i bought a policy of rs. 50, 000/- hfdc classic life insurance as instructed by your hdb team which i got processed on 08th aug 2017 and i received the original papers on 11th aug 2017. I was informed that my loan will be sanctioned within 15 days from the date of receipt of original paper. I waited and i got a call from mr. Amit on 19th august 2017 informing that, my loan will be sanctioned on 27th aug and will be disbursed on 28th august 2017.

But it didn't happened, i keep on followed up mr. Amit and mr. Vikas for getting the loan disbursement they keep on prolonged, finally i received a call from verification department saying that my loan will not be sanctioned since my hdfc insurance policy sum assured is very less below rs. 5, 00, 000/- hence, they can't sanction the loan. They asked me to buy additional insurance of rs. 30, 000/-, through which they will be able to provide upto rs. 6, 00, 000/- loan, that too with a condition that i have to get the new policy within 2 days, if i don't get the new policy, i wont get the loan. Mr. Rishab (Who said that he is the manager of he respective branch) assured that i will get the loan disbursed for sure within 10-15 days from the date of receipt of new policy papers.

After hearing the offer from you (Hdb bank) i committed to my friends that i will repay their money and hence, i needed money urgently.

So total i purchased a insurance of rs. 80, 000/- hdfc life classic assure policy.

I received the 2nd original policy paper of rs. 30, 000/- on 20th sept 2017 and forwarded the copies of the same to mr. Vikas, mr. Amit and mr. Rishab. Out of which as stated by mr. Amit - that mr. Vikas mobile was robbed since then i could never contact to mr. Vikas.

I was constantly following up mr. Amit and mr. Rishab but mr. Amit never came over on call, he just replies for my messages in 2 words "yes sir" "ok sir" & "in process". Mr. Rishab also keeps on giving me the days today will get the confirmation call for disbursement / tomorrow i will get confirmation.

Till date i don't know whats happening and i thing i have wasted by rs. 80, 000/- towards the hdfc life classic assure plus policy and this is such a policy after paying such huge amount the sum assured is less than the principal amount paid by me. I thought because we are getting the loan the sum assured may be less.

Both the hdb bank service is a fraud and the hdfc policy. Just to sell their insurance policy they are fooling the customers by offering loan.

Even though hdfc insurance will play a safe role in this stating that "they don't offer any loan on insurance" - but they are not bothered that the customers are being fooled around by giving promises against their insurance policy.

On 09/10/2017 when i spoke to your hdb customer care executive - i asked whether you provide any loan against insurance at 3% p. A. Basis. She said "they do provide loan against insurance but the rate of interest is not 3%". Then i spoke to your hdb bank mumbai branch executive - he said they don't provide any such loan towards the policy. (The bank itself is not sure whether they provide loan or not on insurance)

Then i realised 100% that i and like me many others being fooled around.

After this i searched in google whether such fraud cases has been happened, i got two complaints for such incident.

My other concern is even after customers complaint for such incident - why the bank & the insurance company has not taken any action against them.

I request you to kindly make a note of this a take appropriate action against them and request you to help me out to cancel my policy and refund the whole amount back to me.

The telephone nos and mobile nos for your records:
+[protected] mr. Pratik called me from this no.
+[protected] mr. Rishab called me from this no during verification

+[protected] mr. Amit
+[protected] mr. Pratik
+[protected] mr. Rishab

I have other call records and message records too.

If the appropriate action to be against them and against the bank too because even bank being aware such fraud is happening and their name is being misused no such action is been taken by them also.

Thanks & regards,
Suraj s kulal
+[protected]