Disclaimer : This is a personal experience and it has got nothing to do with anybody living or dead because they took a Vehicle Loan from HDFC bank and got bugged up, so please dont take it to heart and believe me when I say - this has happened to me in real life and that too today.
First Hand Experience of a guy looking for two-wheeler loan in an Alien City and his good experience with HDFC Bank - Like it? Please read on...........
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Situation : Mrs. and Mr. Sharma planned for a two wheeler - after a lot of research - they decided to go for a Scooty Pep, since Mr. Sharma no more likes to drive a geared (Two wheeler) and driving a car in Hyderabad is pain. Dealer is right 500 steps from home, walked in, got the things done in about half an hour through Indusland Bank (Preferred bankers of Dealer). Mind it - Mrs. and Mr. Sharma are from Delhi and have got no bank accounts in Hyderabad, so the Indusland people tell em to get the account address changed and get a local cheque book issued and take the vehicle right away - give the cheques once the book is issued.
Sudden Change of Hearts : After depositing the documents with the dealer - Mrs. and Mr. Sharma went to the nearest ATM of HDFC Bank to withdraw the down payment amount to be given for vehicle and here is where the things change. By the time I was standing in the queue a guy comes to us and asks us ’’If we wud apply for a Credit Card / Home Loan / Personal Loan / Vehicle Loan’’. I told him causally that ’’I am already going for a loan with some other bank and they are giving me the delivery in next two hours - if you can do something earlier than that I wud go with you’’.
What HDFC Executive Does : He gives me a form to be filled up for vehicle loan, takes my account number with him, gets the approval from his manager, accepts the Delhi Branch Cheques for EMI’s, convinces me to give him ’’Photo, Salary Slip, Residence Proof’’ Next day positively. And bang......., sends the Delivery Order to the Dealer. Flat in 45 Minutes I am out of the bank and by the time I reach the Showroom - they are already fixing up the accessories on my vehicle to be delivered.
Interest Rate and EMI’s : Flat 7% and 11 EMI’s for the loan amount. Finally the vehicle whose On Road Price is 37, 800/- is gonna cost me close to 40K after 11 months finance. True on the Spot Delivery. No Documents Require Style.
Difference : In case of Indusland Bank - I wud have changed my address and wud have paid a higher down payment whereas by having a Savings Account already with HDFC - I ended up paying 5K less Down payment and no need to get the address changed or issuance of new local cheque book.
Two Hours Later : We drive out in a Cherry Colored Scooty pep which really looks pep that too in Flat Two Hours. No hassles.
PS: Wearing Helmet is compulsory in Hyderabad - Just one week back they have changed the rules - Darn these guys. I am looking for one now.
Ratings and comments are more than welcome.