I have a saving account with hdfc and is running well and satisfactory. All services are good except one i.e loan. I opted to take personal loan from hdfc as it is less hectic and easily available and also required no guarantee.
After six months I went to bank and ask them to close my loan account as I will pay the outstanding amount to them but they simply refuses by saying that pre maturity closing period is of 1 year. Then after the completion of one year I went again and ask them to close but I was shocked to see my outstanding was 80000+ as I had taken a loan of 1 lac only and paying emi of rs 3716 every mnth. that means 3716×12= 44544 and still I have outstanding of 80000. Then I went to another bank but this tym not private but a nationalize bank and ask them to calculate the interest rate one 100000 giving 3716 every mnth for 3 years. Manager told me that this 19.99% intt rate which I was told 12.5% .
Moreover their charges are soo many after adjusting the loan I have to give charges of prematurity closer of loan account, cheque bounce which is 500 rs for a single cheque bounce and even they will not show you the memo or reason behind the cheque bounce, late intallment chargs and many more.
I advice all of you that enjoy the services of hdfc on your saving accounts but dont take loan from there. Just opt to a nationalize bank.