I live in Bhubaneswar and have been banking with HDFC Bank since the year 2001. I had absolutely no complaints about this bank until I applied for a personal loan from its branch office that is located at Jagamara, Bhubaneswar. The manager concerned collected the required documents along with duly signed by me the application form on 10th January 2016 and looking at my salary, he said that I could be eligible for Rupees 18 lacs and the disbursement would take three working days. By the way, I wanted to transfer the balance from two other personal loans running in Punjab National Bank amounting Rupees 2, 19, 000/- and in ICICI bank amounting Rupees 7 lacs approximately. I applied for a loan amount of Rupees 15 lacs out of which the other loans would be covered and approximately Rupees 5, 80, 000/- cash I would get in my bank.
The process continued for around 20 days after which I was informed that Rupees 8, 75, 000/- had been sanctioned. I was really shocked to know this for the reason that even I could not cover my outstanding loans. This is a mere case of lack of commitment from the bank for the following reasons.
1) If the manager told that I was eligible for Rupees 18 lacs and I applied for Rupees 15 lacs, why the sanction was for Rupees 8, 75, 000/- only.
2) Why did they take 20 days to take a decision on the loan approval whereas they committed to do it in three days.
3) From common sense, it was absurd that when I wanted to cover Rupees 9, 20, 000/- as balance transfer, how could the sanctioned amount be less than that.
It was truly awful experience for me and I have lost faith in this bank completely.