I had taken a personal loan from one of the leading banks for a period of 5 years. Never missed a single EMI, but after around 18 months, the loan was taken over by one of the private finance firms.
While the loan was with the bank, I never got any reminder calls nor were there any unnecessarily calls from their customer care personnel. I had the options of checking my loan details over the net and the bank even had option to change the EMI date, if required.
But after the loan was taken over by this private finance firm, I started getting reminder calls for my EMIs every month, though I never missed any EMI. My request to change the EMI date was rejected as their system did not have that facility. The mails sent to this firm were never replied. Overall, the service was(or rather IS) horrible.
The purpose of putting my experience here is just to alert all those people who wish to take the loan or who have already taken loan from banks. Please ensure that your loan is not taken over by some private finance firms. The policies and the service provided by such firms are neither friendly nor flexible.
May be, all private firms are not similar, but still I think banks are always better.:)