There has been lot of adverse feautures from pubic at large while avaing loans from psu bank.I totally dis agree in this regard with my own experiance.My daughter working with an mnc and having agood balace with hdfc bank approached this bank for availing auto loan for purchase of indigo car.
When we approached the manager he said very clearly and most surprisingly that he is not very familar with the procedure and I should contact the loan dept.We met the loan officer upon which we were told that I should contact the marketing person as he is not awareof the latest interest rate etc.
The marketing official started asking questuons like what will be the cost of the car its make name of the dealer whether we are having accounts with thier bank and what kind of accounts.Here I may state that in a Psu bank right from the manager to the lowly rank employee knows the procdure, the documents to be submittede.The do not ask value of the car its make etc since rate of interest is uniform transperent and same wheather you are having account with them or otherwise.In case of hdfc bank rate of interest is not uniform and it depeds upon your bargaing power.After the matter was settled the dicussion was regarding insurance payment.We were told that insurence amount will be the first year will be Rs17000.
I simply bluffed that I enuired with a psu insurence co who said the premia will be around rs10000 only.Immediately premia was reduced from rs17000 to rs10850.This is nothing but cheating the public.We had to be very careful while deaing with private banks as they do not follow any uniform yard stic and no transperecy in their procedure