[Resolved]  HDFC Bank — Vehicle Loan + Personal Loan

Address:

Mumbai City, Maharashtra

Need some serious banking advice to deal with… ‘H’aughty ‘D’evious ‘F’ilthy ‘C’ashiers! As any normal working professional, one has two loans going(one personal loan and one vehicle loan), which one has briefly defaulted due to prolonged life-threatening illness. Then, as one springs back to life(only to pay of a lot of private borrowings, since hospitalization far exceeds insurance cover) the bank tells you that there is no contingency fund that it has to consider such cases(as such, very few banks offer advice on insuring the loan, when you borrow – except say a home loan product! And one learns the hard way.). So one applies for reprieve and is offered a cosmetic settlement on the personal loan(since the recovery is larger) and a simple pre-closure on the vehicle loan(since most of the loan has been paid off and the recovery is smaller!). As a matter of financial planning, one then decides to take up things consecutively. As a low hanging fruit, one PAYS OFF THE VEHICLE LOAN and applies for an NOC to sell the car, so that one can sell the vehicle and pay off the personal loan. The BANK DENIES TO ISSUE THE NOC for the vehicle loan saying that one needs to accept the offer to pay off the personal loan first. This is a classic deadlock with almost nowhere to go. You cannot sell the car, in spite of having paid out the vehicle loan. You cannot pay off the personal loan, in spite of having the readiness to sell the car for it. So now what does one do? Get stuck with a depreciating car that the bank has its paws upon. Live under the pressure of an unpaid loan that the bank is burdening with levies upon. Essentially live at the mercy of this bank that now enjoys the privilege of worsening the situation – to no conclusion whatsoever. The borrower in question is me. The bank is question is the surely very inhuman and point blank callous housing corporation, for which I only have a few kind words. In my long consumer interactions and banking experience(spanning SBI, BoM, Citi and ICICI), I firmly believe that this one the most cash thirsty bloodhound, out loose in the market. Having made an icon of their ageing promoter – as some sort of a messiah that the Indian economy has ever seen, these ‘quasi-zamindars’ are incorrigible. NOTE: As a brand professional, I wish to make a design observation. The blue in their logo probably mean its unflinching cold-blooded core identity and the red means ruthless cash-fired market ambitions. And the square maze, means a water-tight edgy gridlock that you cannot get out of, once trapped.