Since Aug 8, 2023 I am requesting to increase EMI and so far no action has been taken. I have sent umpteen mails to support, reached out to grievance cell, social media but no use. Consider below points before you want together trapped in HDFC Credila
Bank won’t inform you of EMI change. They may automatically reduce EMI to increase your interest liability
They frequently increase(4-5 times a year) interest rate after you take the disbursement in the name of floating rate but you rarely get any notifications. It only goes up while other bank reduces interest rate based on RBI guidelines.
If you make part payment to reduce your interest liability, they will reduce the EMI as well(by 50%) to increase the interest liability without notifying you, regardless of your wish to keep same EMI.
Bank has a rule that once EMI increased it cannot be decreased but they can reduce EMI based on their wish(resulting in increased interest liability)
If you want to increase EMI, they will keep delaying it so that you keep on paying higher interest. They will call you to explain why it’s not possible to increase EMI and when you ask for written reply, they would never reply
Their grievance cell is non-functional and only sends standard reply “they are looking into it”.
There sales person(in my case Rananjay S), make all kinds of promises to get you into the trap of study loan after that they never reply/respond.
Only rescue to the trapped parent is make a formal complaint to RBI at bomumbai@rbi.org.in, crpc@rbi.org.in and hope they intervene.
Other option is go to social media and write your grievance and tag all other banks.