Dear sir/madam,
My loan account no is 52449756.
I had bought a new bolero in november 2017 financed by hdfc bank with the emi debited each month via ecs. I slowly realised that it was not an ideal vehicle for transporting elders in my family due to its height. Therefore, i decided to sell it off so i can look around for another car suitable for my family's needs.
As i was selling the vehicle, i approached the gn chetty road, tn nagar, chennai branch for foreclosure & they put a foreclosing charge of rs 48961 (7.08%) on an outstanding of rs 691534. This is an unbelievable amount by any standards.
I had requested the branch manager for a waiver due to me being a loyal customer and having the following relationships with the bank:
1. Previous car loan also with hdfc
2. The next buyer of the current car is also financed by hdfc
3. Have a home loan with hdfc
4. Have a credit card with hdfc
I requested the branch manager of the bank, who said he did not have any powers. I was requested to contact the sales manager of the buyer's branch, which i did and they said they would take steps on the waiver and the difference in the closure amount would get credited into my bank.
I had a discussion with the call centre who has asked me to write an email requesting the same.
I can confidently tell you that when the loan agreement was signed, the practice is that the executives who do the documentation only take signatures on the loan agreement without actually telling the customers the terms and conditions of the loan including any charges. I have evidence to prove that as for my home loan, i have a photocopied version of the agreement i signed which is devoid of any written information.
Apparently, the practice is that they get signatures and then fill up the information afterwards and hand to the bank.
This is either a dangerous trend emerging as the underwritten information is never explained to the customer leading to nasty surprises like this at the end of the relationship.
I quite frankly find it outrageous that a bank of this reputation stoops to such low levels squeezing the blood of exiting customers for genuine reasons.
I am having to write this mail because i have put in requests at appropriate places as written above.
I hope this complaint can be taken seriously and remedial measures done for appropriate and fair refund before it gets escalated.
Please do not write back to me saying the loan agreement has the charges mentioned because i can prove with evidence that the customer is asked to blindly sign the documents by your bank executives or dsa executives as may be the case.
If the bank runs an audit of how customer acquisition is done on the ground, they will realise the loophole in the system that i am mentioning.
If they explain these charges, do you think any sane person will accept this and blindly sign and not shop around other financial institutions to get the best deal.
I have been advised that as per rbi regulation there should be no penalty on foreclosure floating rate loans (Car and home loans) and have been advised to file an rti against hdfc regarding foreclosure charges.
This is the third time i have been overcharged or unnecessarily or unfairly charged as below:
1. Homeloan - when the interest rates went down last year, the bank did not communicate the information and invite customers to take advantage of the reduced rates. It was only a chance finding that led me to the bank and they reduced the interest rate after charging me rs 6000 for conversion. This is fleacing.
2. My previous carloan, i was charged rs 18000 as foreclosure charge for an outstanding of rs 4.2 lakhs.
3. My current carloan, i am charges rs. 48961 on an outstanding of rs.6.91 lakhs.
If one customer is charged like this, then how much is the bank making through unjust and unfair means in a populous country like india.
I request that this be remedied on priority basis, so i do not need to escalate this anywhere.
Regards,
Rakesh n
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Anticipating your answer, I have already explained the process of customer acquisition by your bank.
I can confidently tell you that when the loan agreement was signed, the practice is that the executives who do the documentation only take signatures on the loan agreement without actually telling the customers the terms and conditions of the loan including any charges. I have evidence to prove that as for my home loan, i have a photocopied version of the agreement i signed which is devoid of any written information.
Apparently, the practice is that they get signatures and then fill up the information afterwards and hand to the bank.
This is either a dangerous trend emerging as the underwritten information is never explained to the customer leading to nasty surprises like this at the end of the relationship.
I quite frankly find it outrageous that a bank of this reputation stoops to such low levels squeezing the blood of exiting customers for genuine reasons.
I am having to write this mail because i have put in requests at appropriate places as written above.
I hope this complaint can be taken seriously and remedial measures done for appropriate and fair refund before it gets escalated.
Please do not write back to me saying the loan agreement has the charges mentioned because i can prove with evidence that the customer is asked to blindly sign the documents by your bank executives or dsa executives as may be the case.
If the bank runs an audit of how customer acquisition is done on the ground, they will realise the loophole in the system that i am mentioning.
If they explain these charges, do you think any sane person will accept this and blindly sign and not shop around other financial institutions to get the best deal.