Hi,
I have a bad experience with this bank in the recent past. In fact that was the best bank which I ever seen before the series of incidents that occurred with me.
I have taken a loan for Rs 2.5 lacs (250, 000) as a personal loan with this bank in the month of February 2002. Since I am working with Wipro, I am very regular (deducted at source) in paying EMI. Now that I got some money due to an onsite assignment, I wanted to payback the outstanding amount. Before I started for this onsite assignment, the bank guys have asked me to issue post-dated cheques for one full year. I thought this to be OK with me because, this helps them in stopping frauds. I have given an amount of Rs.83, 000 by borrowing from friends. and also provided the post-dated cheques. The understanding between me and the bank was, in case my Indian salary will not be suffice for any month during my onsite assignment, they are allowed to produce a cheque for that month , so that the EMI is not stopped.
To my surprise, the very next month, the bank guys have submitted the cheque for clearance. The point here is , they have already deducted the EMI from my Indian salary for that month. I warned them from doing that. Because, I know my Indian salary would be suffice for their EMI and I can use the money in Bank to some other obligations. Luckily I got now enough money to pay the outstanding amount in one shot. But pity is, though I made at least a dozen phone calls (ISD calls please) and at least that many mails, the guys did not let me know the outstanding amount to be paid. Since this has lasted for 2 months by now, I feel I am been taken for a ride by the bank guys, for the interest that they get. Thought this small amount may not give the salaries for entire staff, I feel that these people do not want any loan to be fore closed, just because their competitor may grab the account holder by offering a lucrative interest rate.
I have now no option than to wait till my onsite assignment gets over. If I go ahead paying the amount with my calculations, I am sure they either ask for some hidden penalities or can say some stories like, the date of payment for the month has passed by, so I have to wait till next month. They are not allowing me to know whom can I complain now.( I mean who is their boss)
Really, the bank service was excellent in granting the loan. This I can say because, the loan of 2.5 lacs (250, 000) has reached me within 36 hours. But just because of the above reasons, I lost interest in this bank.